Its survey of 2,000 equity release customers found that the lack of family involvement has increased by 6% since 2008 to 21% of cases.
Despite not being asked to give the go ahead, more than half of customers’ families were positive and supportive about equity release, with just 9% expressing doubt about equity release products and 2% disapproving of the plans and the effect it would have on their inheritance.
Dean Mirfin, group director at Key Retirement Solutions, said: “Involving families in equity release decisions where appropriate is important as it ensures there are no surprises later on and it should be part of the advice process.
“However, clearly many do now feel confident to take out an equity release plan without involving their family which may show a growing acceptance that it is part of mainstream retirement planning.”
Key Retirement’s latest market monitor showed that total equity release funds released rose 5.4% to nearly £960m last year, while total plans saw a rise of 1.6%.
It also found that there is still £343m of untapped funds available that people have not yet drawndown.
