The products allow retirees to borrow against their property and only pay back the interest (and not the loan itself) each month.

With so many options available, it is worth remembering that while a particular product may be a good option for one customer, it may not be right for another, which highlights the importance of taking the time to address each client’s specific needs.

Tailoring products to suit each individual provides clients with a more bespoke solution and can help to acknowledge any concerns they may have, while ensuring their retirement financial needs are addressed.

Offering holistic advice

As the later life lending market continues to grow, it is vital that advisers are providing holistic financial planning and that equity release is included as part their discussions with clients, in order to ensure they help older generations make well-informed decisions about their retirement finances.

Creating better customer outcomes is central to the later life lending market and in order to achieve this we need more advisers offering these borrowing options to their clients.

Particularly for the equity release market, more advisers need to take the necessary exams to able to advise on equity release. Or, at the very least, explore the themes of later life lending with their clients so that they can pass leads on to specialist firms to complete the advice recommendations if needed.

Ignoring property wealth is no longer an option, especially when a growing number of older people are being forced into unsustainable borrowing and debt in retirement.

Gearing clients up to later life lending options when they are in their 40s and 50s can help to lay the foundations for a successful transition when the time to fully retire comes.  

The retirement landscape is changing; people are spending longer in retirement than ever before, and this has forced the later life lending industry to develop products that are attractive, flexible and meet the needs of an increasingly diverse population.

This will only continue as the population continues to age, and more and more over-55s seek later life funding solutions to see them through their later years.

It is here that advisers play a crucial role in ensuring all the options are explored and that those entering retirement do so armed with everything they need to know.

Stuart Wilson is corporate marketing director at more2life