Brits Need More Information on Equity Release

A recent report published by Safe Home Income Plans (SHIP), UK-based equity released body, found out that only 11% of UK pensioners plan to sell or downsize their properties, whereas the remaining 89% want to stay in their homes till the end of their lives.

This, according to experts, is due to the fact that financial advisors are unaware of all the benefits of equity release and are unable to describe them to clients.

Most of advisers do realise they are not adequately informed as 91% of respondents said that more information from the UK government should be provided. As much as 23% of financial advisers refer their customers to other sources of information, such as the Department of Work and Pensions.

The bad thing is that most Brits (88%) do not understand how equity releasing works, with 51% being totally dependent on their financial advisors.

The research by SHIP was carried out earlier this year. Now, its results are being analysed by Baroness Hollis, who will later release her recommendations to advisors and members of the parliament.