Downsizing not the only option for UK retired

By Bridging Loan Directory -

 

Bridgewater Equity Release, the home reversion specialists, has today (10th October 2012) urged equity release advisers and their professional introducers to outline the variety of options available to those in or reaching retirement including trading up as well as trading down.

Bridgewater believe the over-55s now have many more potential property opportunities as they consider their retirement including, if they so wish, using equity release to move to a bigger and/or more expensive property.

To aid understanding in the area of ‘property up-lift’ Bridgewater has published a new ‘Just a thought…’ sales aid for advisers to give to their professional introducers entitled ‘Moving to a more expensive property’.

The aid looks at the reasons why individuals might seek a larger and/or more expensive property as they reach, or enter, retirement and provides a case study detailing how such a move can be achieved with an equity release plan.

‘Just a thought…’ sales aids are designed to be used by advisers with their introducer contacts to help them understand the potential uses of equity release in a variety of situations and circumstances.

Chris Prior, Manager Sales and Distribution at Bridgewater Equity Release, commented:

“Downsizing has long been suggested as one of the more sensible options for those in, or reaching, retirement and this can be the case for many, however this is simply not feasible for some.  Individuals often enter retirement with a clear idea of what they want to achieve, including moving closer to children and grandchildren or seeking larger properties in order to be able to entertain larger families.  However, for a variety of reasons, they may not have the available cash in order to be able to achieve this goal.  We want to outline to specialist equity release advisers and, in particular their professional introducer contacts, that this does not mean the ‘up-lift’ option is off the table.  Indeed, if they work with a knowledgeable specialist adviser and the right provider they can ensure the client gets exactly what they want.

“To this end we have produced this new ‘Just a thought…’ in order to highlight the issue to introducers and to help them understand how this might be achieved. Retirement need not be a ‘downsize’ experience for all concerned.  In these circumstances it is all about the introducer, adviser and provider working together and tailoring an individual plan that fits the wants, needs and financials of the client.  We want to ensure that all equity release stakeholders are aware of this potential solution and that such an option isn’t dismissed out of hand when it can be achievable.  It will not be right for everyone however for some it will mean the difference between getting the retirement property they want and having to settle for second best.”