Simon Chalk, later life planner at LaterLiving

Doubtless the take up of equity release solutions will rise, simply because of the greater numbers of baby boomers reaching retirement over the next few years.

However, this demographic fact alone will not result in any equity release boom. Before that can happen, the industry will have to change perceptions of the media, customers and, most crucially, the adviser community.

Planning involving the family home should always be undertaken in consultation with a qualified adviser and therein lies the problem; there simply aren’t enough advisers discussing equity release.

Advisers’ options are to become qualified and authorised themselves or refer to a specialist.

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I cannot see significant numbers taking the first route due to the regulator’s mislabelling of equity release as a ‘mortgage sale’ rather than a retirement product, but there is no reason why advisers and their clients cannot consider the home alongside all other assets in funding retirement.

The typical British homeowner will talk of their home as an asset when it reality it is nothing but an expense, unless they actually do something to release the accrued value.

Selling, of course, is one mechanism but we know that the majority do not care to do so in their later years. Consumers need to be made aware of how the pent up value in their homes can support their lifestyle, care and essential living costs in their later life.

Some reinvention of equity release would be helpful and the creation of a new message that it isn’t a about a lifetime mortgage. I mean, do you honestly know anyone who wants a mortgage in their later years let alone one that lasts for a lifetime?

Also responding in this week’s Market Watch are:

Dean Mirfin, business development director of Key Retirement Solutions

Vanessa Owen, head of equity release at LV=