Equity Release

Bowerteam

Advice firm pulls out of Bower Retirement integration deal

A deal to integrate independent financial adviser Sixty Plus into Bower Retirement Services has fallen through, just under a month after it was first announced. Bower revealed plans to recruit Sixty Plus’ seven staff in mid-March, with managing director David Wright joining to serve as an adviser. However, Bower has now confirmed that the deal […]

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Age Partnership agrees equity release referral deal with Iress

Retirement specialist Age Partnership has linked with software firm Iress to provide a new referral service for equity release. Using Iress’ The Exchange portal, the service is targeted at advisers and brokers not involved in equity release, but who still wish to service their clients interests in the sector. Age Partnership will offer advice to […]

Bowerteam

Bower Retirement Services acquires equity release adviser

Bower Retirement Services has completed a deal to acquire equity release adviser Sixty Plus. Sixty Plus advisers and founder David Wright will move across to Bower, adding a total of seven staff to the firm. Bower has amalgamated the advice firm and says no money will change hands as part of the arrangement. Wright launched […]

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Key Retirement hires ex-Chase De Vere Mortgages director

Key Retirement Group has appointed former Chase De Vere Mortgages operations and IT director Michael Schaefer as chief operating officer. Schaefer has worked in the US, UK and Europe leading IT change programmes, and also acted as a consultant to insurance and lending software provider Risk Free and reinsurer RGA Underwriting. KR Group chief executive […]

What advisers are saying: Equity release is still out of favour

With increasing longevity and rising property values, equity release could be a viable source of wealth to supplement retirement. But on average, advisers talk to only 5 per cent of their clients about it, even though around 30 per cent have total assets of less than £100,000. There are clearly challenges – both perceived and […]

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Case Study: The interaction between benefits and equity release

The problem: My client is looking at various options in order to raise finance, one of those is equity release. I am conscious that they also receive a number of benefits, and having spoken at length to them, it appears they may also be entitled to other benefits which they are not currently receiving. Given […]

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Why are lenders so reluctant to lend to older people?

Since the FSA first announced its Mortgage Market Review plans in February 2009, many mainstream lenders have tightened their criteria on affordability and lending into retirement. Interest-only lending, the basis on which many who are currently entering retirement borrowed their mortgage, has essentially come to a halt, leaving thousands of borrowers facing a problem when […]

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Could equity release be the key to funding long-term care costs?

Experts are predicting the equity release market could grow by up to 25 per cent this year due to increased demand and regulatory pressures elsewhere. Figures published by the Equity Release Council last month show total equity release lending hit £1bn last year compared with £922m in 2012. The market has failed to reach the £1bn mark in the […]

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L&G eyes equity release launch

Legal & General is considering plans to enter the equity release market. L&G Mortgage Club and housing director Stephen Smith says the insurer is considering the move though has no firm plans have been made at this stage. Reports last week had suggested the insurance giant has definite plans to enter the sector. In an interview […]

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MGM Advantage buys equity release provider Stonehaven

Retirement specialist MGM Advantage has acquired equity release firm Stonehaven. MGM says Stonehaven will retain its brand and continue to focus on the lifetime mortgage market. The acquisition is subject to regulatory approval, with the deal due to be completed in spring 2014. MGM Advantage chief executive Chris Evans says: “The acquisition of Stonehaven provides […]

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Case Study: Managing family expectations for equity release

The problem: The client wants to raise some money to supplement their pension and help pay for essentials. We have discussed all available options and come to the conclusion that equity release is the only viable solution. The client wants to pursue my recommendation but her son is less than convinced and wants to stop my […]