When it came to designing its lifetime mortgage products, Prudential was determined to give customers what they wanted, so they carried out lots of consumer research.
Pru found many people didn’t know what an equity release mortgage was and when they were told, many were plain scared. Keith Haggart, Senior Business Development & Innovation Manager at Prudential, explains: “We found people were concerned about taking out a huge lump sum and not knowing what to do with it. Then we asked customers how we should get round that. Unsurprisingly, they wanted control over their money and flexibility to take what they wanted, when they wanted it.” That makes perfect sense. Current life expectancy suggests a person aged 60 can expect to live another 24 years. ...
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