Daren Carter, the recently appointed managing director of equity release specialists, In Retirement Services, indicated that there was business available in the sector, but that brokers had to be prepared to do it properly.
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It is reported that there is £1.2 billion of property owned in the UK and 45 per cent of over 65s own their own home but say their income is inadequate for their needs. In Retirement Services said it was keen to instruct brokers on the various options available, and said there was business to be done in referring.
Carter said: “People are generally ill-informed about equity release, you have to be aware of the implications surrounding it before moving into offering it as a service. Clients can be over-ambitious with what they take and they should be encouraged to only borrow what they need.”
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Tom Marinan, a broker at Easypay mortgages, commented: “We already do cover this in a way as we help people remortgage. I probably would consider offering this but the problem would be finding the clients.”
