His call to arms comes ahead of the Chancellor’s Autumn Statement, in which Wilson, channel marketing director, wants the government to increase its effort in raising awareness of the retirement lending market to educate retirees.
The equity release market is 25-years-old but still remains a small section of the market. However, this is expected to change as borrowers are living longer and considering alternative plans for their retirement.
Wilson said when the pension reforms were first introduced, the government invested a lot of time in creating signs, brochures and television adverts informing customers what the changes meant to them and what options were available.
He said equity release was largely brushed aside and rendered an afterthought among customers who still do not properly understand what equity release is and what they can do with it.
“The government needs to provide greater education for customers to properly understand equity release and recognise that their house could potentially be a generous retirement asset,” said Wilson.
He added that in the second half of 2016 the Financial Conduct Authority (FCA) showed interest in equity release, which has been encouraging.
Coupled with continued support from lenders and advisers, Wilson said a push from the government would help create an equity release market where all stakeholders involved worked together to provide a robust service to people lending later in life.