It’s no secret that we have an ageing population in this country. Data from the Centre for Ageing Better shows that the number of people in England aged over 50 has grown by 47% in the last 40 years, while the number of people aged over 65 has grown by more than half.
As a result, the number of people aged 65 or over now accounts for about a fifth (18%) of the population and will only grow further from this point onwards.
This trend has clear implications for advisers and the sort of solutions our clients are going to look for, such as finding ways to get more out of the value of their home.
Older people are sitting on extraordinary amounts of housing equity. Analysis from Savills a couple of years ago suggested that the housing stock owned by the over-65s stood at a record high of nearly £2.7trn.
Given house prices have continued their seemingly inexorable rise since then, in all likelihood that housing wealth figure has grown still further to new heights.
And that merely emphasises the important role that equity release will have to play in the years ahead when working with older clients.

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Unlocking equity
There are all sorts of different reasons why older clients might be keen to release some of the wealth tied up in their property. They might have debts to clear or home improvements to carry out to meet their developing needs as they get older.
The urge to provide loved ones with an earlier inheritance has also become greater of late. After all, that way, you get to see them enjoy that money while you’re still alive, rather than waiting until you pass away. Given the difficulties many hopeful homeowners face in raising a serviceable deposit, unlocking some of that equity to hand over as a gift to children or even grandchildren to put towards a property purchase is an appealing prospect.
Others want to supplement their pension savings, providing a helping hand to their retirement income. This has certainly become a more pressing concern over the last few years, with inflation so high and older people having fewer options for improving their income.
A time of innovation
It’s also worth noting the level of innovation in the equity release market over the last few years. Prompted by the regulators, lenders have taken a fresh approach to the design of later life products, providing brokers and their clients with a much more varied range of options.
Products that allow borrowers to make regular payments, reducing the eventual cost of the loan, have become the norm. There is now much greater flexibility in terms of the early repayment charges in place, while, in some cases, simply committing to making payments over a set term can secure a rate discount.
If you have clients heading into later life, chances are there are now products available that can help them unlock some of their equity in a way that works for them. That’s hugely encouraging.
Time to diversify
Given the ageing profile of our clients, it’s vital for advisers to engage with the range of specialist later life products now available. Relying on mainstream lenders and products will only work for clients up to a point, but will not be a solution for everyone. In the age of Consumer Duty, it’s more important than ever for advisers to demonstrate that their clients were able to consider all of the options.
For some, this will mean partnering with advisers who specialise in this industry. Referring clients on means they will be able to provide them with the same level of top-class service, but from an adviser who has a greater understanding of the lifetime mortgage scene.
Others will want to develop their own skills, to add equity release to their own range of specialisms.
Proactive networks can play a vital role here, pairing advisers with potential referral partners but also providing the sort of expert training and guidance that can allow an adviser to diversify into equity release with confidence.
The best advisers have multiple strings to their bow, providing a comprehensive service that means they can support their clients, no matter their needs. Whether it’s equity release, protection or wealth planning, having the backing of a quality network can make diversifying into new and complementary areas much easier and more effective.