The popularity of equity release mortgages is set to double over the next five years, it has been revealed.
According to a study by Norwich Union, £2.4 billion of equity mortgage financing could be issued every year by the middle of next decade.
The firm also predicts that products will be released which will allow people to switch directly from a normal mortgage to an equity release one.
Anthony Rafferty, head of post-retirement marketing at Norwich Union, said: "Going forward, we see the market doubling over the next five years and truly coming into its own as a mainstream retirement planning tool."
With an increasing number of mortgage lenders offering such products and more intermediaries being qualified to advise on them, the future for the market is bright, he added.
Those struggling with their mortgage might be interested to know that one local authority is considering offering deals.
Providing mortgages is one of several ideas floated by Lambeth council to help its constituents deal with the credit crunch, reports thisislocallondon.co.uk.
Equity release mortgage set to be more popular, firm predicts
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Equity release mortgage set to be more popular, firm predicts
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