Today, more than ever before, we are seeing a larger population of older people who can look forward to longer life expectancy.
The property boom that we saw in the last two decades caused a significant amount of equity to ‘build up’ in the homes of older people. Even if house prices fall in the future, many people will still have a large part of their wealth tied up in their home when they are approaching retirement. They may have made poor pension provisions or have a need for extra cash to enjoy their retirement, so the market for Equity Release is set to increase.
Equity Release is increasingly accepted with modern plans being safer and clearer than ever before. Just Retirement is proud to offer plans which carry a 'no negative equity guarantee' coupled with assurances that the customer can stay in their own home for as long as they want to.
Summary of the key market drivers
- Ageing population is increasing the target market.
- Life expectancy is predicted to continue to rise.
- Longer retirement places a mounting strain on finances.
- For many, the attempt to close the savings gap is too little, too late.
- Gradual erosion of state benefits.
- Decrease in employer contributions to pensions.
- Long term house price rises have increased wealth held in property.
- Changing attitudes towards using property as an asset.
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