Silver Living Manchester

www.silverlivingmagazine.co.uk 12 THE recent Equity Release Council Autumn report highlighted the continued growth in over 55’s unlocking tax-free cash from their homes to fulfil their financial plans. An ageing population and the level of property wealth among older age groups are two key drivers contributing toward the growth of the equity release industry. There are now more than 20 million people aged 55 and over in the UK. What’s more, 64% of owner- occupiers who own their home outright are aged 65 and over. For some consumers, equity release allows them to transfer property wealth to younger generations as a ‘living inheritance’. More than half of homeowners aged 55 years and over now see money invested in property as part of their later life financial plans. With interest rates currently at an all-time low starting below 3% and fixed for life, equity release is now a safe and viable form of raising funds in later life. Local adviser and Equity Release Council member Paul Murphy of Responsible Equity Release has seen an increase in enquiries in 2019: ‘More people are exploring equity release in order to provide further financial security or to gift an early inheritance and enjoy the full benefit of this gesture. Record-low interest rates, plan flexibility and security with fully regulated plans are providing the certainty and peace of mind consumers need’. If you choose to release equity there are certain risks including the possible effect on your entitlement to means tested state benefits and the value of your estate. When seeking equity release advice, it is important this is accessed through an Equity Release Council Member to ensure you are receiving impartial advice. To speak with Equity Release Council member and qualified equity release adviser Paul Murphy and arrange an independent, no-obligation review of your options, please see page 10. 1 https://www.equityreleasecouncil.com/documents/equity- release-council-autumn-market-report-2019 Responsible Equity Release is a trading style of Responsible Life Limited. Only if your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. Could Equity Release Transform Your Finances? To speak with Equity Release Council member and qualified equity release adviser Paul Murphy and arrange a no-obligation review of your options, please see page 18 l 0