How equity release is moving into a digital realm
With an increasingly ageing population, the question of how best to fund retirement years becomes ever more important.
We’re living longer than ever before, thanks to improvements in medicine. Meaning that the state pension is no longer appropriate as the sole means of income once we reach retirement age. That means that careful planning is now required to ensure that there is an income stream well into our twilight years and beyond.
What is equity release?
Equity release is a relatively new concept, but one that has rapidly been gaining ground over recent years. It involves borrowing money against the value of your home, and can take several different forms, depending on each individual’s personal circumstances.
According to a recent article in Money Observer, there’s been a significant increase in the number of equity release plans being taken out over recent months. Analysis of the latest figures shows that there has been a 28 percent increase over 2017, with almost 21,500 new plans being taken out in the first six months of 2018, and this figure is almost certain to rise in the coming months.
If you’re in the market for equity release Chippenham, Coventry and Canterbury can all offer local advisors. Be sure to seek out an organisation with a proven track record in the field of equity release, such as https://chilvester.co.uk/equity-release/, who have been dealing with homeowners for over 25 years, providing valuable advice and support just when it’s most needed.
Equity release goes digital
With so many aspects of life now switching to the internet, it’s hardly surprising that equity release is also following suit. The latest generation of pensioners are more computer-savvy than their predecessors and are accustomed to sourcing products, services and information online, so it makes perfect sense that they now expect to access their retirement income options online too.
Retirement interest-only mortgages, lifetime mortgages, pensions and savings accounts can now all be accessed digitally, allowing everyone to take control of their finances online. And we can expect the equity release industry to become increasingly digital over the coming months as investors realise the benefits that it brings. With all of their financial options easily accessible online, senior citizens are expected to relish the opportunity to take their pensions and investments online, keeping their finances readily accessible.