Over half of all equity release customers are taking the time to shop around thoroughly to ensure they achieve the best deal, according to latest research by enhanced equity release specialists Partnership.
At least 54% of people compare a wide range of quotes prior to committing to a plan, whilst around 33% said they typically seek out three different quotes to gain an understanding of what deals will suit them.
The most common reason for taking out an equity release plan was to boost income during retirement, amongst 39% of respondents, whilst 37% stated they intended to use the money to make home improvements.
Equity release activity has soared over the past couple of years. A growing number of people approaching their retirement are turning to lifetime mortgages to cope with rising living costs, whilst 30% claim to have released equity in their homes to assist family members struggling with their finances.
Ged Hosty, director of equity release at Partnership, said: "Customers should always seek the best possible deal and the best way to do this is to get independent financial advice.
"Research shows that equity release is a financial product to address important financial needs, which underlines the importance of seeking advice from a properly qualified IFA."
Find out how to get the best income in retirement Learn about your pension options Check out our Equity Release - Lifetime mortgage charts and Home Reversion Schemes
For more information on equity release plans from a wide range of providers why on use our equity release service online or by telephone: 01737 233462
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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