Why we’re proud of the equity release sector

2 June 2020

A once-in-a-lifetime challenge

No-one had planned for a pandemic of the proportions of the coronavirus – and none of us had solutions for almost total lockdown. It’s posed intense challenges for keyworkers in the front line, vulnerable people who haven’t been able to go outside for weeks, parents juggling home schooling with working from home… no-one has been immune from the ramifications of social distancing and the need to curb the spread of Covid-19

It has also impacted on businesses of all shapes and sizes and in all sectors – some, such as the hospitality sector, decisively; others, such as those who work in the digital world, less dramatically. 

The equity release sector faced particular challenges – and we’re proud of how every element has risen to these to find new, innovative ways of working so we can carry on helping people aged 55 and over, especially in these financially challenging times. 

How the equity release sector has adapted to the coronavirus challenge 

We have always offered our equity release advice face to face – we think it’s important that you feel completely comfortable, so we’ve always visited our clients in their own homes, if that’s what they want. As an important financial commitment, the Equity Release Council (ERC) has always insisted that clients have at least one face-to-face meeting with a solicitor to provide them with expert legal advice and to check their identity in person. On their side, lenders have always required property inspections by qualified surveyors to safeguard their investment.

Of course, when the social distancing rules were introduced, none of this was possible anymore. But our industry responded quickly to find new ways of working to protect our clients and our professionals: 

It’s a once-in-a-lifetime event that throws up challenges in the way that the coronavirus lockdown has. However, the swift response of our industry means we are able to help people aged 55 and over who want to consider accessing their property wealth as part of their financial solution – and we’re proud of the ingenuity and flexibility that has made this possible. 

During the current coronavirus outbreak, we are conducting these over the phone or by video call.

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