Advancements have been occurring in the equity release industry almost monthly. Plans are changing and adapting to the needs of the UK, as equity release looks to become an integral part of financial planning into the golden years of retirement. The innovations coincide with a bigger recent need for the extra capital that is locked up in the property of retired people. According to MGM Advantage, retired Britons across the UK are straddled with £96,000,000,000 of debt, at a an average of around £10,000 per person.
Low stock market returns and annuities at historic lows have all contributed. However, with plans designed to take into account your medical and lifestyle history, interest only plans coming to the fore where you can choose how much you want to contribute, along with plans that allow you to dip in and out of a reserve fund, the market has finally grown up. The media recognise this and are starting to write positive reviews of products and the industry is ready to go.