One in six people said they would no longer proceed with plans to take out equity release because of the coronavirus outbreak.
Research by over-50s comparison website Over50schoices.co.uk also discovered one in three people would be putting their plans on hold until life goes back to normal.
However, in the survey of 2,000 homeowners who had previously expressed an interest in equity release, nearly half said they had not changed their decision and would continue anyway.
The comparison site thought many older homeowners may consider this option to support family members who were financially impacted by the pandemic.
Ashley Shepherd, MD of Over50choicessaid, said: “This is incredible considering what’s happening in the world right now – but not wholly unsurprising given the fact that people are looking for ways to supplement their income and help family during the crisis.
“Equity release can be a great option, so long as you seek advice and fully understand the pros and cons.”
Currently, equity release interest rates are low. What’s more,, the market itself has increased almost four-fold in the last decade. Over50choices saw their own equity release business grow 45% in 2019, and were set for another record year in 2020.
Shepherd added: “At such a volatile time for the stock market, pensions, savings and investments will inevitably suffer.
“However, those looking to unlock tax free cash tied up in their home to help their loved ones could benefit from some of the lowest interest rates ever seen, which is great news as these will be fixed for life.”
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What Mortgage has teamed up with Equity Release Supermarket to answer your questions on Equity Release.
To read this month’s Q&A or to submit your own query, click here.
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Will Equity Release rates decrease further during the Virus Crisis and should I hold off for lower rate in 2020?
There is no guarantee that rates will go down in the future. They are already quite low at the moment. Best to speak to an equity release adviser.