Widows need to be made more aware of equity release, research suggests
Widows are facing limited financial options following the death of a spouse due to the general lack of awareness surrounding equity release, research by Key Partnerships has suggested.
The findings indicate that while the majority of law firms (57 per cent) regularly help widows facing financial problems with complications in probate, just under half (44 per cent) were aware that equity release could be used as an alternative to widows downsizing their current home.
The survey also highlighted that many solicitors feel they do not have the training necessary to adequately advise on equity release, when considering post-death financial challenges.
Director of Equity Release at GW, Richard Espley, said:
“Equity release can be an attractive option for those who have become widowed, as it can provide financial peace of mind while you remain in your own home.
“These findings by Key Partnerships are worrying and go to reinforce the importance of choosing an experienced solicitor you can trust.
”Equity release remains a niche product so it requires the expertise of specialist legal advisors.”
Equity release is available to homeowners who:
- Are aged between 55 and 95
- Live in England or Wales
- Own a property with a value of at least £50,000
Content correct at time of publication