Consumers reject fee-based equity release advice

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Around a third of people see equity release as an important part of their retirement planning, but are not willing to pay fees for advice on it, according to the Equity Release Solicitors' Alliance (ERSA).

Research by ERSA says 12% of people will definitely use equity release in retirement and 20% will consider it, with 14% saying equity release would provide between a quarter and a half of their retirement finances if they did take out a plan. Despite 35% saying they would use an IFA for advice on equity release, 59% say they would not be willing to pay for an hour of advice from a specialist equity release adviser. Even those who say they would pay an upfront fee for advice were reluctant to spend more than £50 an hour on an IFA, with only 10% saying they would pay an equity release a...

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