More than half of UK consumers believe equity release is risky due to serious misconceptions they hold about these products, new research reveals.
Pensioners are choosing to release equity from their homes to maintain their lifestyles after retirement as fewer people need the funds to boost their income, says research from Key Retirement Solutions.
Safe Home Income Plans (SHIP), has reported solid business figures for the three months to 31 March 2005.
SHIP - the self regulating body which represents 90% of the equity release market - says it is also introducing tougher new rules later this year on lifetime mortgage and home reversion schemes.