The equity release market is unrecognisable from the past, according to Georgina Oxton, and in time people will come to see this as “a pivotal time for the industry”.
Speaking to delegates at the Retirement Planner Forum, the LV= equity release strategic sales manager said now is a time “when we will move from the old market and into the new”.
“As a sector we have experienced a good number of highs but probably an equal number of lows over the years,” she acknowledged.
Equity release, as a sector, saw three record-breaking quarters in 2017, while the total released by over-55 homeowners last year amounted to some £3.06bn. The total number of new equity release plans agreed in 2017 was up 34% on 2016, from 27,563 to 37,037 – the highest total on record.
Oxton continued: “These are really, really exciting times for equity release. Although we have an increasingly flexible product set with the lowest interest rates on record, we as lenders must recognise we haven’t got it all right just yet.
“To deliver a real equity release revolution we need to be bold, challenge the traditional perceptions of equity release and recognise the changing face of retirement.”