The divorce rate has dropped nearly 30% since the peak in 2004, with 27% of divorces in 2017 being among couples aged 55 and over.
Research from Bower Retirement shows that rising divorce rates among women aged 55 and over is driving the equity release market.
Bower have begun to see increased applications from divorcing couples with rising numbers of women using equity release to help split finances.
The divorce rate has dropped nearly 30% since the peak in 2004, with 27% of divorces in 2017 being among couples aged 55 and over.
Andrea Rozario, chief corporate officer at Bower retirement, said: “Equity release can help divorcees split an estate without having to lose the family home entirely while enabling the other partner fund a deposit for a new home.
“Indeed, while there have been developments in the mainstream mortgage market allowing older borrowers more flexibility, it is still problematic for the older generation facing divorce to secure mortgages.”
Many over 55’s won’t Stay Another Day as they are the only age demographic to see increasing divorce rates in the past 10 years
This research comes after it was revealed that 21% of equity release customers have struggled to be accepted for mainstream mortgages.
