According to research from Canada Life homeowners say they would not use equity release to fund their retirement because they do not understand it.
Despite homeowners misunderstanding and misconceptions, 40% said they would possibly consider using the equity in their home in the future.
Canada Life has launched a brochure for family members and friends explaining lifetime mortgages. This is to help more people understand how these mortgages work and share the information with those close to them.
The information can also help advisers overcome consumer misconceptions and is good news for the industry in bringing the lifetime mortgage market closer to mainstream financial planning.
Equity release and lifetime mortgages have come a long way over the last 30 years to protect consumers. We have a whole website channel dedicated to equity release as well as a video channel on equity release.