
Why the industry should support advisors over equity release
December 26, 2019 by Mark
Mortgage Advisors
The equity release area of the mortgage sector is growing, with close to £11 million in housing equity having been released by homeowners in the 55-and-over age group from July to September 2019 alone. However, to enable further growth, greater support for mortgage advisors with the necessary CeMAP qualification is needed.
This is because the main thing preventing this area from growing at a faster rate is the fact that many older people with homes that are worth serious money still do not realise that this can be accessed to make their retirements more comfortable and enjoyable.
The mortgage industry has done much to dispel worries about equity release via deals such as the Optional Payment Lifetime Mortgage offered by Legal & General, and the No Negative Equity Guarantee, but if people do not know that it is something available to them, it will all be for nothing.
Thus the subject of lifetime mortgages should be raised during the process of discussing retirement plans and that is where a CeMAP mortgage advisor becomes crucial. They are the people who are best placed to make the case for such deals, but they need to be confident about doing so first.
Supporting them with workshops and tools covering relevant subjects like how underwriting an equity release loan and a residential mortgage differs, will ensure they are equipped to raise the subject and will enable the mortgage sector to reap the benefits of the UK’s £1.8 trillion housing wealth.
Written by
Mark
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