Equity release utilises homeowners "biggest asset"

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Equity release utilises homeowners "biggest asset"

Equity release provides people with an added source of retirement income, which means it could become more popular in the future, according to a finance expert.

Andrea Rozario, director general of Safe Home Income Plans (Ship), claimed that the service could become a mainstream product rather than a last resort when people are having financial difficulties.

Ship announced an increase of five per cent in the number customers the company dealt with in the second quarter of this year compared to the first.

Ms Rozario pointed out that the ageing population in the UK is a factor in the popularity of equity release, with older people in need of an income during retirement.

"It's only natural that people will think about how they can utilise their biggest asset, which is their bricks and mortar," she explained.

In his view, the baby boomer generation has a different attitude to equity release to their parents, which may influence the popularity of the product.

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