New industry figures from Safe Home Income Plans (SHIP) have revealed that thousands of homeowners are cashing in on the freedom offered by equity release products.
The over-60s received over £230 million in equity release schemes for the first six months of 2001 compared with just £70 million in 1997.
Despite this continued growth, research from Norwich Union has found that ninety-four per cent of over-60s still do not know that IFA stands for independent financial adviser and only two-fifths have ever sought professional financial advice.
Norwich Union's research discovered that the over 60s rely on and trust family members most when it comes to financial advice and decisions. The person they are likely to turn to next is their bank manager.
Daren Carter, head of equity release marketing for Norwich Union, said: "These latest industry figures are very encouraging. It would appear that the equity release is no longer simply viewed as a last resort and people are now able to enjoy everything from dream holidays to home extensions as the equity release market takes off.”
