Equity release sector is ‘in deep trouble’
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Equity release allows homeowners aged 55 and over to free up some of the cash that is tied up in their properties. House prices have risen at a much quicker rate than incomes over the years, so equity release allows customers to access money that is tied up in their single largest asset: their homes.
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HOMEOWNERS who have turned to equity release to raise much-needed cash in their final years may have been shocked by last week’s warning that a "major scandal" is brewing in the sector. It is a lifeline for many retired homeowners struggling with low incomes or high debts. The market is heavily regulated by the Financial Conduct Authority and the Prudential Regulation Authority (PRA), which has boosted customer confidence and driven rapid growth.
The vast majority of our equity release advisers expect the equity release market to grow, many believe the market could double in value. 2014 was a record setting year for the equity release market and lending levels are approaching the highs achieved before the financial crisis.
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A think tank has accused the Bank of England of ignoring a potential problem in the equity release mortgages sector. The Adam Smith Institute says that the Prudential Regulation Authority, which regulates banks and insurers, knowingly allowed equity release firms to use "unfit" valuation methods that could lead to large losses for shareholders of insurers if house prices fall.
Equity release advisers are confident about the growth prospects for the sector in 2012, according to research by home reversion specialists, Bridgewater Equity Release. The home reversion specialist’s poll of more than 300 intermediaries found that 77% of those surveyed expect the sector to.
Now the equity release sector is in deep trouble for the same reason. In both cases, the firms involved got into difficulties because they were using voodoo valuation methods that had no scientific validation.’