A recent survey by Norwich Union has found that a high proportion of people in Britain have no idea what equity release is and what it entails. A third of consumers thought that they had to make repayments on an equity release product, while one in five people thought that they would have to sell the property if their partner passed away.
The most staggering find was that 19 per cent of people thought that equity release was available to people from age 18. Norwich Union is concerned about the lack of knowledge people have about equity release and believes that it should strengthen the case for educating people in financial matters.
Our view
The survey also found that seven out of ten people would first find out information on the product from a financial adviser. This is good to know. Equity release is a huge retirement decision and we suggest you take fee based, unbiased advice, before making a real decision to even consider equity release.
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