An article from Mortgage Solutions has highlighted that Women aged 55 and over who own their own home have a greater uncertainty of their mortgage options later in life than men.
We found this story very relevant to Viva Retirement Solutions as this is something that we are keenly aware of. To address this factor you can be reassured that we have a great team of women equity release advisers that you can meet here.
The article goes on to say....
Female homeowners in the same age category also feel less confident about their retirement finances than their male counterparts and are less likely to use a price comparison website when researching financial products.
The findings come from the Equity Release Council’s (ERC’s) Home Advantage study of money matters among 5,000 UK adults and research from Equity Release Supermarket.
Overall, a third of homeowners over 55 say they are confused about their mortgage options in later life, a slight improvement from 2021, when 34% said the same.
Online research
Meanwhile, some 62% of older UK homeowners say they would use price comparison websites to research different financial products, with 63% agreeing they provide helpful information.
Price comparison websites, however, ranked last among the four most popular sources of information relied on by older homeowners.
When asked what sources of information they favour when researching different financial products, homeowners aged over 55 prioritised using consumer websites (36%), speaking to their bank or building society (35%), speaking to a financial adviser (30%) or using a price comparison website (27%).
Jim Boyd, chief executive of the ERC, said: “With increasing numbers of homeowners admitting that they are confused about their later life options, it is vitally important that they not only undertake as much research as possible from reputable websites but also speak to experts.
“Alongside qualified advice, it is essential we get ahead of future demand by harnessing technology to ensure consumers can find the information they need to make informed choices. Without the right prompts in place, people may never get to the stage of sitting down with an adviser, which is why later life options need the same online visibility associated with other everyday financial products to help more people see their potential.”
Double-digit rises
The ERC’s latest sector lending report revealed that the total amount of equity release lending jumped 15% quarter-on-quarter to £578m in Q2.
This level of equity release lending was driven by new customers, which increased by 12% quarter-on-quarter to 5,240.
The council said that the double-digit rise in new customers made the second quarter the busiest quarter for almost a year in the equity release market in terms of total customers and lending.
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If you would like to work with a team of expert equity release advisers, whether female or male, please contact us to arrange a free no obligation appointment.
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