For the whole year, it was detailed that nearly 73,000 new and returning customers were served, equating to £3.89billion of property wealth being “unlocked” through equity release.
Alice Watson, the head of marketing and insurance at Canada Life, commented on what these figures mean for retirees: “[The] findings from the Equity Release Council evidences not only the resilience of the industry but also the consumer’s desire for retirement flexibility.
“Property wealth is increasingly being viewed as a component of modern retirement journeys, working alongside existing pension savings, rather than being a question of using either/or.
“Fewer people are following the ‘traditional’ journey of retiring with a comfortable pension and no mortgage debt, and as a result, the retirement market is undergoing a significant change.
“Whilst releasing equity from a property remains a very significant decision, we know that families across the country are seeing strains on their personal finances, whether that’s from redundancy, rising living costs or caring responsibilities.
“This collective strain is likely to continue being exacerbated by the pandemic and, with the right advice, equity release has proven it can help people to access their property wealth flexibly and safely.”