Former Conservative pensions spokesman Nigel Waterson says it is time advisers stopped viewing equity release as a “crisis product’ and instead as something to always be considered as part of the financial planning process.
In March, an influential House of Lords select committee published a report on public service and demographic change which urged policymakers to boost the equity release market.
This came after Treasury deputy chief economic adviser James Richardson told the committee the current market is failing.
Speaking at the Money Marketing Retirement Planning Summit in Cork last week, Waterson, who is now chairman of the Equity Release Council, said equity release products are still viewed by many savers and advisers as a “product of last resort”.
He said: “A lot of people still have negative perceptions about equity release. While a third of people say they would consider using their home to fund their retirement, only 6 per cent say they would consider an equity release product.
“All too often equity release is seen as a measure of last resort, a crisis product. It should not be, it should be part of intelligent forward planning for a stress-free old age.”