New research has revealed that just one in ten homeowners aged 55 or over are fully aware of the features of equity release.
According to SunLife, over half of those asked were unaware that after taking out an equity release plan on their property, they’d still be able to move home. 85% didn’t know that equity release could be used to pay off an existing mortgage or other loans.
Commenting on the figures was chief executive of SunLife, Dean Lamble. He said: “Unlocking a tax-free lump sum from your home is one of the biggest financial decisions that someone in their 50s, 60s or 70s could make, and homeowners understandably want to involve the whole family.
“Our equity release guide includes practical advice and suggestions to help homeowners and their families make well-informed decisions about what equity release has to offer, so they can decide whether it is suitable for them.”
