Sharon Bratley, Chartered Financial Planner at Fairinvestment.co.uk, comments on the Safe Home Income Plans
(SHIP) members' survey that reveals that the equity release market is expected to grow by £200million in 2009, reaching £1.4billion by the end of the year and £1.7billion by the end of 2010.
"The results of the SHIP survey show that providers are confident in the future of the equity release market, and given the current economic climate, this is not particularly surprising.
"People, especially pensioners, are finding that their finances are being squeezed, so many are looking for ways to boost their income, and equity release
is one of the ways in which older homeowners can do this.
"By opting for an equity release plan, whether it be a lifetime mortgage
or a drawdown equity release
plan, homeowners can start benefiting from the capital they have locked up in their homes without actually having to move.
"Falling house prices will of course affect the amount of money available, but equity release remains a popular option, which for many people makes perfect financial sense, especially now."
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