The trade body has said that the over 65s are currently sitting on £907bn worth of equity in their homes.
Many are struggling with insufficient pension income, and are very prepared to use this wealth to ensure that they are able to remain in their property.
Andrea Rozario, director-general of SHIP, said: “An astounding 40% of the UK’s household wealth is currently held in housing equity but only 1% of UK pensioner households tap into equity release products. It is vital that this topic is addressed, especially at a time when the welcome improvements in longevity are, unfortunately, coinciding with a downturn in saving for retirement.”
SHIP added that it intends to continue with its work of raising awareness of equity release among politicians and stakeholders, and continue with supporting efforts such as those of the Joseph Rowntree Foundation and local authorities.
