This article talks about the increase in the use of equity release in the UK.
For a detailed analysis by age and geography have a look at the source.
The bottom line is that this market is beginning to take-off. You don't have to be a rocket scientist to know this would happen. It will become a massive market as many (maybe most) over-50s only have their house as any sort of asset to pay for their retirement.
This is not so acute with state employees who retire with guaranteed pensions but for the self-employed and those who missed the boat on final salary pensions, equity release is just a matter of time.
Here is a quote from the report.
The latest report on the equity release market reveals, as forecasted, very strong and sustained growth for the market year on year. Sales of plans during 2013 were 20,331 an increase of 3% over that of 2012 (19,675).
Lending also increased to £1.06 billion for the period from £961.4 million for 2012, an increase of 10%. This is the first time the billion mark has been hit since 2009 and follows a period of steady growth.
Dick Stroud
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