Total equity release sales have soared by more than a fifth as pensioner incomes are squeezed further and rising house prices have boosted confidence, leading independent equity release adviser Key Retirement Solutions says.

The growing confidence and increased levels of activity has also been encouraging more funders and lenders to consider the sector. In quarter 2 More2Life became the first lender to re-enter the equity release market launching with a lifetime mortgage offering enhanced deals to people with health conditions, the first new product launch for two years.

The group’s Equity Release Market Monitor for the first six months of 2010 shows up to £454.99 million of housing wealth was released through equity release schemes compared with £372.394 million in the same period of 2009 – a rise of 22%.

The average age of people starting equity release rose to 69 in the six months from 67 in the same period of 2009 demonstrating a need for increased income as retired homeowners struggle on existing pensions.

Total sales of plans climbed 5% to an estimated 10,318 in the six months up from 9,852 in 2009 with drawdown plans – which enable customers to take cash when it is needed rather than in a lump sum – making up 72% of sales compared with 61% last year. The average amount of cash released in the six months was £42,555 compared with £42,586 in the same period of 2009.

Dean Mirfin, Group Director at Key Retirement Solutions, said: “Housing wealth is an important source of income for pensioners and certain to become even more important as pension income continues to be squeezed. New business growth rates of 22% on 2009 demonstrate that customers are recognising that their housing wealth can be put to good use.

“The strong sales performance is underlined by the fact that the number of firms competing in the market looks to be turning the corner in a positive direction after recent withdrawals and that new plans offering improved terms to people with medical conditions are demonstrating that there is good space in the sector for further innovation.”

The Market Monitor shows the average loan-to-value of equity release plans fell to 19% from 22% reflecting the shift to increased use of drawdown plans.

Single advance Lifetime mortgages made up 25% of sales in 2010 compared with 35% in 2009 while reversions slipped from 4% of total sales last year to 3% in the first six months of 2010.

The full Market Monitor can be downloaded at Key Retirement Solutions’ website http://www.keyrs.co.uk/media/MARKET-REPORT-H1-2010.pdf.

Anyone looking to release equity from their home can get  KRS’s independent guide to equity release by calling 0800 531 6010 or visiting https://www.keyrs.co.uk/free-guide.

Notes to Editors

* Key Retirement Solutions market data

Press Office

Key Retirement Solutions
01772 508533

Citigate Dewe Rogerson

Phil Anderson/Kevan Reilly/Paul Griffin

0207 282 1031/1096/1041

About Key Retirement Solutions

Founded in 1998 Key Retirement Solutions is the leading independent adviser specialising in equity release. Key Retirement Solutions is a limited company registered in England No 2457440 with its Head Office at Key Retirement Solutions, Harbour House, Portway, Preston, Lancashire, PR2 2PR.Key Retirement Solutions is authorised and regulated by the Financial Services Authority.

• Retired homeowners own property wealth of £767 billion, Key Retirement Solutions says

The increase in Capital Gains Tax to 28% will not lead to house price falls with sellers flooding the market, says leading independent equity release adviser Key Retirement Solutions.

But continuing economic uncertainty is likely to mean recent house price increases slowing down, Key Retirement Solutions says.

Rumours that CGT would rise to 40% in the Emergency Budget had sparked fears of sell-offs by the UK’s 250,000 second home owners and by buy-to-let investors keen to avoid the higher rate with the increase in sellers hitting house prices.

But Key Retirement Solutions says the decision to limit the rise to 28% from 18% and to introduce the new rate immediately means the effect on house prices will be minimal.

Its Pensioner Property Equity Index* shows homeowners aged 65-plus owned property wealth outright worth £767.06 billion at the start of June and gained £1.875 billion in the past three months.

Colin Taylor, Chief Executive at Key Retirement Solutions, said: “It’s good news for anyone considering equity release that house prices are unlikely to fall as a result of the Emergency Budget raising CGT.

“However anyone considering releasing equity from their home should still consider acting now as the outlook for the rest of the year is uncertain with recent increases unlikely to be maintained.”

“The over-65s own considerable property wealth outright having paid off their mortgages and have benefited from the historic success of the housing market.

The Pensioner Property Equity Index shows five of the 11 areas in Great Britain suffered house price falls in the past three months with Scottish pensioners the biggest seeing a 7.8% drop in property equity – equivalent to £12,249 – between March and June.

The biggest winners were over-65 homeowners in the North East of England who gained 4.62% on average – around £5,066 each – and those in the North West were £2,152 better off – 1.83% up.

Key Retirement’s figures show nearly a third of property equity is owned by pensioners in London and the South East of England – in London over-65s own property without any mortgages worth £124.57 billion while in the South East pensioners own £123.13 billion of property without mortgages.

However property wealth is spread throughout Great Britain with retired homeowners in the South West holding 15.2% of the total housing equity stock and a total of £116.72 billion.

However higher property prices in the South East and London means over-65 homeowners there have more property wealth.

Anyone looking to release equity from their home can request an independent guide to equity release by calling 0800 531 6010 or by visiting https://www.keyrs.co.uk/free-guide.

Notes to Editors

* Key Retirement Solutions Equity Release index tracks the amount of equity held in property by people over 65 years old in Great Britain. Figures are based on analysis of data from the ONS Family Spending Report (2009), the Land Registry House Price Index, Registers of Scotland House Price Statistics and ICM (2010).

For more information, please contact:

Press Office

Key Retirement Solutions

01772 508533

Citigate Dewe Rogerson

Phil Anderson/Kevan Reilly/Paul Griffin

0207 282 1031/1096/1041

About Key Retirement Solutions

Founded in 1998 Key Retirement Solutions is the leading independent adviser specialising in equity release. Key Retirement Solutions is a limited company registered in England No 2457440 with its Head Office at Key Retirement Solutions, Harbour House, Portway, Preston, Lancashire, PR2 2PR.Key Retirement Solutions is authorised and regulated by the Financial Services Authority.

Retired homeowners have total property wealth owned outright of up to £767.06 billion as the housing market maintains its fragile recovery, new research* from leading independent equity release adviser Key Retirement Solutions shows.

Homeowners aged 65-plus gained a collective £1.875 billion in the past three months, Key Retirement Solutions’ Pensioner Property Equity Index shows.

But there were nearly as many losers as winners with five of the 11 areas in Great Britain seeing house price falls with Scottish pensioners the biggest losers suffering a 7.8% drop in property equity – equivalent to £12,249 – between March and June.

The biggest winners were over-65 homeowners in the North East of England who gained 4.62% on average – around £5,066 each – and those in the North West were £2,152 better off – 1.83% up.

Key Retirement’s figures show nearly a third of property equity is owned by pensioners in London and the South East of England – in London over-65s own property without any mortgages worth £124.57 billion while in the South East pensioners own £123.13 billion of property without mortgages.

However property wealth is spread throughout Great Britain with retired homeowners in the South West holding 15.2% of the total housing equity stock and a total of £116.72 billion.

Dean Mirfin, Group Director at Key Retirement Solutions (www.keyrs.co.uk), said: “The housing market recovery remains patchy with winners and losers across the country but even those pensioners who have seen prices fall are still literally sitting on riches.

“It is undeniable that the over-65s own considerable property wealth outright which represents a massive investment success as they no longer have mortgages and will have bought more than 25 years ago.

“The property wealth owned outright by pensioners represents a potential source of income for the over-65s particularly when other sources of retirement income are under pressure from low interest rates, rising inflation and falling annuity rates.”

The table below shows six of the 11 areas monitored by Key Retirement Solutions index experienced increases in the past three months while five suffered falls including Scotland, the South East, West Midlands, Yorkshire & Humberside and Wales.

The table below shows over-65 homeowners in the North West are most likely to own their home outright – Key Retirement’s analysis shows 684,200 own their homes without mortgages compared with 657,800 in the South West.

However higher property prices in the South East and London means over-65 homeowners there have more property wealth.

Anyone looking to release equity from their home can request an independent guide to equity release by calling 0800 531 6010 or by visiting https://www.keyrs.co.uk/free-guide.

Notes to Editors

* Key Retirement Solutions Equity Release index tracks the amount of equity held in property by people over 65 years old in Great Britain. Figures are based on analysis of data from the ONS Family Spending Report (2009), the Land Registry House Price Index, Registers of Scotland House Price Statistics and ICM (2010).

For more information, please contact:

Citigate Dewe Rogerson

Phil Anderson/Kevan Reilly/Paul Griffin

0207 282 1031/1096/1041

About Key Retirement Solutions

Founded in 1998 Key Retirement Solutions is the leading independent adviser specialising in equity release. Key Retirement Solutions is a limited company registered in England No 2457440 with its Head Office at Key Retirement Solutions, Harbour House, Portway, Preston, Lancashire, PR2 2PR.Key Retirement Solutions is authorised and regulated by the Financial Services Authority.

• Prices are rising slower for over-65s but fixed incomes mean they suffer more, warns Key Retirement Solutions

Rising prices are taking a 3.55%* bite out of pensioner income with pensioner couples suffering more than single OAPs, analysis from leading independent equity release adviser Key Retirement Solutions.

Inflation for pensioner households is well below the 5.4% RPIX inflation measure which excludes mortgage costs – but Key Retirement Solutions says inflation is a bigger threat to pensioners as they cannot rely on wage rises to bail them out.

The April rise in the Basics State Pension of 2.5% and the ongoing squeeze on interest rates which means most savings accounts pay negative returns after inflation are piling the pressure on pensioners, Key Retirement Solutions says.

Key Retirement Solutions analysis shows that inflation for single pensioners is currently 3% a year while for pensioner couples it is 4.1% producing an average of 3.55%.

Based on those figures the recent 2.5% rise in the State Pension to £97.65 for a single pensioner and £156.15 for a couple means they’ve suffered a pay cut.

Dean Mirfin, Group Director of Key Retirement Solutions, said: “Inflation is reckoned to be a price worth paying in the short-term so that the economy recovers but pensioners are suffering more than most.

“The Liberal Conservative Coalition plan to restore the average earnings link for the State Pension is welcome but it won’t take effect until next year. In the meantime the over-65s are seeing the value of savings cut and other retirement income being eroded by rising prices.

“Prices are not rising for the over-65s as much as for the rest of the population but the rest of us can at least hope for pay rises. The good news for pensioners is that house prices are recovering steadily and many of them are literally sitting on huge investments.”

Retired homeowners have total property wealth owned outright of up to £765.18 billion, Key Retirement Solutions research shows.

The group’s Equity Release Market Monitor for Q1 2010 shows up to £216.9 million of housing wealth was released through equity release schemes compared with £183.1 million in the same period of 2009 – a rise of 18.46%.

Total sales of plans climbed 19% to an estimated 5,600 in the three months up from 4,703 in 2009 with drawdown plans – which enable customers to take cash when it is needed rather than in a lump sum – making up 68% of sales compared with 57% last year. The average amount of cash released in the three months was £43,090 compared with £44,948 in 2009

The Market Monitor shows 23% of over-65s releasing equity during the three months used some of the cash to pay off debt – down from 33% in 2009 – while 17% used it to pay off an existing mortgage compared with 23% in 2009.

The full Market Report including regional analysis can be downloaded at Key Retirement Solutions’ website www.keyrs.co.uk/press-releases/market-monitor-q1-2010/. Anyone looking to release equity from their home can also request an independent guide to equity release by calling 0800 531 6010 or by visiting https://www.keyrs.co.uk/free-guide.

Notes to Editors

* KRS analysis of ONS data based on

Case studies are available both regionally and also are available dependent on the use of the funds released.

Press Office

Key Retirement Solutions
01772 508533

Citigate Dewe Rogerson

Phil Anderson/Kevan Reilly/Paul Griffin

0207 282 1031/1096/1041

About Key Retirement Solutions

Founded in 1998 Key Retirement Solutions is the leading independent adviser specialising in equity release. Key Retirement Solutions is a limited company registered in England No 2457440 with its Head Office at Key Retirement Solutions, Harbour House, Portway, Preston, Lancashire, PR2 2PR.Key Retirement Solutions is authorised and regulated by the Financial Services Authority.

The average pensioner taking out an equity release plan on the value of their home has debts of £35,991, new research* from leading independent equity release adviser Key Retirement Solutions says.

And making repayments on the debts takes an average £297 a month bite out of pensioner income – on the average retired household income of £12,412** a year after tax that equates to nearly 30% of income going on debt repayments.

The total mounts up from mortgages, loans, credit cards and overdrafts. The research, based on 3,501 customers who released equity from their homes during 2009, reveals the debt burden being faced by some of today’s retirees. The results also show that the over 70’s carry a greater level of debt than the over 65’s with an average debt of £40,958 compared to £29,314.

Mortgages make up the biggest slice of the debt with 27% of pensioners still owing money on their homes. This in part is a reflection on the fact that an increasing number of today’s pensioners are living with a mortgage into retirement following an endowment or other investment shortfall. This situation is predicted to worsen as many endowments are due to mature with considerable shortfalls in the coming years.

The average still owed by the over 65’s on mortgages is £35,441 rising to £52,576 for the over-70’s while the average credit card debt is £8,881 rising to £9,048 for the over-70’s.

Dean Mirfin, KRS Group Director, said: “Property wealth has enabled the over-65’s in common with the rest of the population to comfortably afford to borrow.

“Servicing debt cannot continue to be a way of life once you no longer have an income to enable you to comfortably make repayments and clearly many pensioners will struggle to juggle loans, credit cards, overdrafts and mortgages.

“The over-65s are in many cases literally sitting on considerable wealth in the shape of their home and clearing debt can have a dramatic effect on their monthly outgoings and provide a welcome boost to their income.

“The level of mortgage debt being carried into retirement is very worrying and with no expected change in this trend pensioners no doubt will further need to look at solutions like equity release to provide the retirement they had hoped for.”

Anyone looking to release equity from their home can get Key Retirement Solutions’ independent guide to equity release by calling 0800 531 6010 or visiting https://www.keyrs.co.uk/free-guide.

Notes to Editors

* Key Retirement Solutions own database 3,501 customers applying for equity release products in 2009

** ONS Wealth and Assets Survey

PENSIONERS HOME IN ON HELPING FAMILY

• Equity release sales soar by nearly a fifth to £216.9 million, KRS Equity Release Market Report shows

The full report can be viewed at: http://www.keyrs.co.uk/media/MARKET-REPORT-Q1-10.pdf

Retired homeowners are increasingly using equity release to help family as the housing market recovery boosted cash released to £216.9 million in the first quarter of 2010, leading independent equity release adviser Key Retirement Solutions says.

The group’s Equity Release Market Report for Q1 2010 shows up to £216.9 million of housing wealth was released through equity release schemes compared with £183.1 million in the same period of 2009 – a rise of 18.46%.

It found money is increasingly being used to help or treat family and friends – 35% of retired homeowners took cash to help family in the three months compared with just 19% in 2009. Helping the family was the second most popular use of the cash released.

Home and garden improvements remain the most popular use of funds released through equity release schemes, with 58% choosing to release cash for those projects which require considerable capital outlay, for example a new kitchen, bathroom or conservatory and for many equity release provides the opportunity to make the garden more manageable.

Total sales of plans climbed 19% to 5,600 in the three months up from 4,703 in 2009 with drawdown plans – which enable customers to take cash when it is needed rather than all at once as a single lump sum – making up 68% of sales compared with 57% last year.

The average amount of cash released in the three months was £43,090 compared with £44,948 in 2009.

Dean Mirfin, Business Development Director at Key Retirement Solutions, said: “The equity release market is healthier and delivering strong returns for retired homeowners as confidence increases which in part has been helped by the gradual property market recovery. Despite falls in property values over the past couple of years many find that they can comfortably raise the amounts they need from the current wealth tied up in their homes.

“It is striking that pensioners are more confident about using their wealth to benefit others rather than having to use the money for themselves. The over-65’s property wealth represents a massive investment success as many will have bought their homes more than 20 years ago.

“Helping family and friends was the second most popular use of equity release in the three months just ahead of holidays and behind home and garden improvements.”

The Market Report shows that equity release still plays an important part in repaying debt amongst pensioners with 23% of over-65s releasing equity during pay off non-mortgage debt while 17% used it to pay off an existing mortgage.

Lifetime mortgages made up 28.3% of sales in 2010 compared with 39.4% in 2009 while reversions remained basically unchanged at 3.7% of total sales.

The full Market Report including regional analysis can be downloaded at Key Retirement Solutions’ website www.keyrs.co.uk/press-releases/market-monitor-q1-2010/. Anyone looking to release equity from their home can also request an independent guide to equity release by calling 0800 531 6010 or by visiting https://www.keyrs.co.uk/free-guide.

Notes to Editors

* All data based on Key Retirement Solutions Market analysis and SHIP market data.

Case studies are available both regionally and also are available dependent on the use of the funds released.

Citigate Dewe Rogerson

Phil Anderson/Kevan Reilly/Paul Griffin

0207 282 1031/1096/1041

About Key Retirement Solutions

Founded in 1998 Key Retirement Solutions is the leading independent adviser specialising in equity release. Key Retirement Solutions is a limited company registered in England No 2457440 with its Head Office at Key Retirement Solutions, Harbour House, Portway, Preston, Lancashire, PR2 2PR.Key Retirement Solutions is authorised and regulated by the Financial Services Authority.

Pensioners cashing in on the value of their homes owe an average of £8,967 in credit card debts, new research* from leading independent equity release adviser Key Retirement Solutions shows.

Its analysis shows one in five over-65 homeowners taking out equity release owe money on plastic with average debts increasing for the over-70s. Customers aged 65-69 owe an average £8,881 while the over-70s are £9,048 in debt.

Key Retirement Solutions, which analysed applications from 3,501 customers in 2009, warns that credit card debt is taking a substantial bite out of pensioner incomes with many over-65s unlikely to ever be able to clear their plastic.

The analysis comes as the Government announced plans, which come into effect in February 2011, to force card firms to clear debts at higher rates of interest first as well as banning rate rises and credit increases for people in financial difficulty and giving customers 60 days to reject rate rises.

Key Retirement’s analysis shows that pensioners making the monthly minimum repayment on a balance of £8,967 at an average 18.8% rate would pay £141 out of average gross pensioner incomes of £16,000.

That equates to 10% of monthly income before tax – but someone only paying the minimum would take 30 years and one month to clear the debt without spending any more on the card.

Bank of England*** figures show credit card lenders wrote off £4.1 billion of credit card debt in 2009 as borrowers defaulted.

Dean Mirfin, Business Development Director at Key Retirement Solutions, said: “Debt is a way of life for a substantial number of people and the over-65s are not immune. Many are perfectly comfortable with owing money on their credit cards and it can be a sensible way of planning for major purchases.

“However the over-65s are more at risk as once they retire they may no longer have the income to service the debt and in many cases to ever clear their credit card balance.

“Many of them do though have substantial wealth tied up in their homes which represents a potential source of income particularly when other sources of retirement income are under pressure from low interest rates and annuity rates.”

Key Retirement Solutions’ Pensioner Property Equity Index shows the over-65s have property wealth of around £765.18 billion after paying off mortgages and gaining from increases in house prices.

Research among its customers shows the average monthly payment on credit card debt is £238. Someone paying that amount would clear their debt within four years and seven months assuming they don’t continue to spend.

Around 48% of the customers it spoke to were aged 65-69 while 52% were aged 70-plus.

For anyone looking to release equity from their home to help ease the financial burden in retirement, key’s independent guide to equity release is the best place to start. This can be obtained by calling 0800 531 6010 or visiting our website https://www.keyrs.co.uk/free-guide where the guide can be downloaded.

Notes to Editors
* Key Retirement Solutions own database of 3,501 customers applying for equity release products in 2009

** http://www.nao.org.uk/whats_new/0809/0809961.aspx

*** http://news.bbc.co.uk/1/hi/business/8543083.stm

Citigate Dewe Rogerson
Phil Anderson/Kevan Reilly/Paul Griffin
0207 282 1031/1096/1041

About Key Retirement Solutions
Founded in 1998 Key Retirement Solutions is the leading independent adviser specialising in equity release. Key Retirement Solutions is a limited company registered in England No 2457440 with its Head Office at Key Retirement Solutions, Harbour House, Portway, Preston, Lancashire, PR2 2PR.Key Retirement Solutions is authorised and regulated by the Financial Services Authority.

• Nearly a third of pensioner property wealth is in the South East and London, Key Retirement Solutions Pensioner Property Index shows

Retired homeowners have total property wealth owned outright of up to £765.18 billion as the housing market continues its fragile recovery, new research* from leading independent equity release adviser Key Retirement Solutions shows.

The launch of Key Retirement Solutions’ Pensioner Property Equity Index, which will track the property wealth of the over-65s on a quarterly basis, shows that a third of the housing wealth is concentrated in London and the South East.

Over-65s in the South East own property without any mortgages worth £123.44 billion compared with £122.65 billion held in London, the index shows.

However property wealth is spread throughout Great Britain with retired homeowners in the South West holding 15% of the total housing equity stock and a total of £115.64 billion.

Dean Mirfin, Business Development Director at Key Retirement Solutions, said: “The housing market has been through a tough time and there are still doubts over the strength of the recovery.

“However it is undeniable that the over-65s own considerable property wealth outright which represents a massive investment success as many of them will have bought their homes more than 20 years ago.

“The property wealth owned outright by pensioners represents a potential source of income for the over-65s particularly when other sources of retirement income are under pressure from low interest rates and annuity rates.”

The index shows over-65 homeowners in the North West are most likely to own their home outright – Key Retirement’s analysis shows 684,200 own their homes without mortgages compared with 657,800 in the South West.

However higher property prices in the South East and London means over-65 homeowners there have more property wealth.

Notes to Editors

* Key Retirement Solutions Equity Release index tracks the amount of equity held in property by people over 65 years old in Great Britain. Figures are based on analysis of data from the ONS Family Spending Report (2009), the Land Registry House Price Index, Registers of Scotland House Price Statistics and ICM (2010).

For more information, please contact:

Dean Mirfin, Business Development Director
Key Retirement Solutions
07879 678737

Press Office
Key Retirement Solutions
01772 508533

Citigate Dewe Rogerson

Phil Anderson/Kevan Reilly/Paul Griffin

0207 282 1031/1096/1041

About Key Retirement Solutions

Founded in 1998 Key Retirement Solutions is the leading independent adviser specialising in equity release. Key Retirement Solutions is a limited company registered in England No 2457440 with its Head Office at Key Retirement Solutions, Harbour House, Portway, Preston, Lancashire, PR2 2PR.Key Retirement Solutions is authorised and regulated by the Financial Services Authority.

Number of new plans 21,305, down 17%
New business tops £1 billion
Debt repayment increases in popularity

For the full Market Monitor for 2009, Click Here

Key Retirement Solutions, the UK’s number 1 independent equity release specialist, today publish their 2009 Equity Release Market Monitor. The Market Monitor provides up to date analysis on the market over the past year, highlighting key trends and business levels for the sector.

New plan numbers were down 17% at 21,305 compared to 25,790 for 2008. Whilst numbers are down the result does reveal some resilience for the market. At the half way point the number of new plans was 17% down compared to the same period of 2008, showing that the result overall has remained consistent rather than the gap widening.

New lending figures exceeded the £1 billion mark at £1.02 billion. This is a 14% reduction compared to 2008 (£1.19 billion). This reduction is relatively in line with plan numbers but also is as a result of lower average property values and increased take-up of drawdown plans. This option allows clients to draw down the funds in stages, as and when required, which can heavily reduce the overall cost.

The Market Monitor also reveals the usage trends for the money released. The most dramatic change year on year comes in relation to those using the money to repay non-mortgage debt. This has increased to 35% of customers from 11% in 2008 helping many retirees free up much needed income.

Dean Mirfin, Key Retirement Solutions Group Director, comments on the Monitor’s findings: “2009 has been a challenging year for all sectors of our industry. The equity release sector has not been immune to the effects of the current economic climate as is evident from the results for the year. The main measure for the result is the number of new plans and whilst a 17% fall is considerable the positive to take from the result is the fact that this level was maintained throughout the year, and that demand continues to be strong as we enter the first quarter of the new year.

“The uses of equity release continue to be widespread, however the considerable increase in the use of funds to repay debt is one of the greatest trend changes we have seen. The trend of debt repayment mirrors the trend across all ages in the UK of clearing debt and freeing up more disposable income and no doubt we will see this continue further still in 2010.

“Equity release is still providing a major boost to many retirees who have been hard hit by falling annuity rates and miniscule levels of return on their savings. As property values continue to increase, albeit slowly, this will further add to the attractiveness of releasing the wealth tied up in our homes to better our standard of living.”

For anyone looking to release equity from their home to help ease the financial burden in retirement, key’s independent guide to equity release is the best place to start. Request your free equity release guide here or call us on 0800 531 6010.

The research, based on 1,761 clients who have released equity through Key Retirement Solutions during 2009, reveals that 85% of those releasing equity have children. Key’s findings also show that the children are very much involved in the advice process with 90% of clients involving the children before they went ahead with a plan.

The figures show an increase in those involving their children from 80% five years ago. The latest findings suggest that along with the increased involvement comes greater support. Not only do many discuss their plans with their children, 1 in 6 also have someone else, usually one or more of their children, present when they consult with an adviser.

Dean Mirfin, Key Retirement Solutions Group Director, said: “The figures reveal that those releasing equity are doing so not only with the knowledge of their children but also with their support to do so. We have seen considerable changes in attitude amongst the children of those who look to release equity from their homes and we actively encourage their involvement throughout the advice process. The fact that many plans now also offer inheritance guarantees is also providing comfort for those parents who hold this as a priority, making the decision to release equity more agreeable.”

For anyone looking to release equity from their home to help ease the financial burden in retirement, key’s independent guide to equity release is the best place to start. This can be obtained by calling 0800 531 6010 or visiting our website https://www.keyrs.co.uk/free-guide where the guide can be downloaded.

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“Independent financial advice could save equity release customers millions