Partnership supports a mission to provide better financial choices for older homeowners
Financial product review platform Smart Money People, known for its comprehensive consumer-driven insights, has joined the Equity Release Council.
The Equity Release Council currently represents 762 firms and 1,848 individuals across the equity release sector, including financial advisers, solicitors, surveyors, funders, and every lifetime mortgage provider in the UK. Its mission is to elevate standards for equity release products and services.
With growing socio-economic factors such as increased longevity and a widening pension gap, demand for equity release products continues to rise as older homeowners increasingly seek to access property wealth for financial support.
Jim Boyd (pictured), CEO of the Equity Release Council, emphasised the importance of Smart Money People’s membership, noting its potential to support the council’s work in bolstering the later-life lending market.
“Our standards are the cornerstone of the UK later life market,” Boyd said. “The addition of Smart Money People is a ringing endorsement from a well-regarded brand, that puts customers first, that there are genuine opportunities for growth within our market.
“As people live longer, many find themselves asset-rich but cash-poor. For the right person, releasing equity can provide them with the financial flexibility to enjoy a more comfortable retirement.”
Jess Rushton, head of business development at Smart Money People commented: “The need to borrow into older age and even retirement is increasingly becoming a fact of life for more and more people. We’re committed to helping financial organisations better serve their customers with actionable insights.”
The collaboration comes at a pivotal time, with equity release sales showing gradual growth in 2024, rebounding from a slower end to 2023. Established in 1991, the Equity Release Council has facilitated access to more than £46 billion in property wealth for homeowners to supplement retirement funds.
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