Demand for equity release schemes set to rise, says expert

A rising number of baby boomers reaching retirement age is set to see equity release products rise in popularity, it has been suggested.

Equity release plans allow homeowners to receive a cash boost by utilising some of the value of their property.

Independent financial advisor Almary Green has predicted that the changing demographic could lead to a "substantial" growth in the number of people seeking equity release advice, ifaonline reported.

Carl Lamb, the organisation's managing director, told the news provider: "The baby boom generation is now approaching retirement, but they have a very different attitude from those who have retired in the past 20 years or so.

"They have mortgages, they have been used to borrowing through unsecured loans, and they have been far more generous to their children than their own parents were with them. As a result, they are more likely to go into retirement with debts and the equity in their home as their largest asset. They will be cash poor but asset rich."

Expats aged 55 or over, who still retain a property in the UK and are looking to find out how the value of their property could provide them with a tax-free cash lump sum can do so by seeking professional advice.