Ray McCarthy, marketing and distribution director at AIR, revealed that, although only 1% of brokers access the software on a mobile and 7% on a tablet, the company was in the process of developing a version for smartphone platforms.
The firm also revealed it has joined the Equity Release Council, the industry body for the equity release sector.
Stuart Wilson, group managing director at parent company AIR, commented: “Our overall business has always had a strong relationship with the Equity Release Council and we have been incredibly supportive of its work, particularly with regard to bringing the industry together and banging the drum for the work of those within the sector.
“AIR Sourcing’s sister organisation, Later Life Academy, recently announced a continued close relationship with the council which includes discounts on Academy membership plus a range of new training events, so we are very pleased to be able to make AIR Sourcing a full member of the council,” he added.
Young vs old
AIR Sourcing was launched in May 2016, and the system has since grown to 2,000 registered users conducting over 3,200 sourcing sessions each month.
The system claims to cover at least four times as many product choices as other systems, featuring all products from all retirement lending providers. In addition, it creates a suitability report tailor-made for clients once the advisor has created the initial fact find.
McCarthy also shared some insights that the company has gleaned about those taking out lifetime mortgages from the data input by brokers using the system. “Younger borrowers (under 65) tend to take a lump sum product, whereas those aged 65 plus, certainly aged 70 and above, tend to use a drawdown service.”
There also tend to be more applications for lifetime mortgages where property values are highest. Thus, south-east England, south-west England and London are the top spots for lifetime mortgages.
In addition, flexibility appears to be a key consideration for borrowers, with 63% of end-clients seeking to find drawdown products that offer the flexibility to make voluntary re-payments.