We at Pure Retirement welcome the government’s newly-announced decision to signpost the over 55s towards equity release and later life lending options through its Single Financial Guidance Service, which will support older consumers in understanding when and how to access specialist financial advice.
The decision is especially welcome as we, through our involvement with the Equity Release Council, have worked to help educate the government with detail on the sector and its benefits. We believe that later life lending has always offered wide-ranging benefits to individuals in the later stages of their lives and opened up avenues for their retirement which might not have always been possible, and as a result has had the potential to offer a real societal impact.
More flexible products now mean that as well as offering funding streams which enable home improvements, holidays and the clearing of debts, later life lending can now also be used in instances of downsizing and the purchasing of a new home. With more and more people now looking at later life lending to move to a more accessible home or to relocate to be nearer family, equity release is providing more options for the over 55s than ever before, and to have this recognised and validated by the government is an important and encouraging step.
The government’s latest position is also a pleasing and significant reflection on the development and growth of the industry as a whole, and the positive way that it is now perceived at a legislative level as well as a consumer level. We look forward to seeing what the next chapter in the industry’s story will bring, and to continue contributing to its ongoing success.
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