A poll from the Equity Release Solicitors’ Alliance (ERSA) found the percentage of those considering equity release has increased from 54% to 77% over the past year.
Equally, the percentage of consumers with a negative view of equity release has fallen from 42% to 23% over the same period.
When asked what would increase confidence in the sector, two-fifths of respondents would like to see a recognisable mark of excellence among equity release professionals.
Other measures to increase confidence included government endorsement at 28%, while a quarter advocated word of mouth recommendations. Just 10% thought high street firms entering the market would boost confidence.
A further 26% said specialist legal and financial advice would improve confidence, yet 30% of respondents wouldn’t know how to judge whether someone was a specialist equity release adviser or lawyer.
In addition, 40% expect specialist advice to more expensive. ERSA says this is not the case, with specialist expertise taking advisers less time to complete each case.
ERSA chairman Claire Barker [pictured] says: “That people don’t know how to identify a specialist, and the misperception that expert advice is more expensive suggests some people aren’t managing to find the quality of advice they require.
“For these people, the continued promotion of industry organisations should help, as well as the message that expert advice is often cheaper than non-specialist advice. Equity release is a complicated transaction and significant undertaking, and specialist advisers and expert lawyers are fully equipped to ensure all parties understand the long-term nature of the agreement.”
