Older age groups may be looking to make up income shortfall due to the loss of a spouse, while younger women may have held onto the family home during a divorce or have ploughed all their disposable income into getting on the property ladder to the detriment of their pension.
Gifting to family and friends may also be on the agenda, with 23 per cent of single women who take out equity release using it for this purpose.
Other potential scenarios when an adviser might suggest that their client considers using their housing equity includes bridging the gap between finishing paid employment and receiving a pension in the case of ill health or paying off an interest-only mortgage, or using the proceeds to fund care at home.
Family discussions
One reservation mentioned by advisers is: Will the family be comfortable if my client uses equity release?
Key recently looked at the experiences of more than 600 customers who had taken out equity release and found that while 26 per cent of single women did not tell their family they were doing equity release as "it was none of their business", 62 per cent involved their families, who were supportive.
So, generally, the answer is 'yes'.
With equity release plans boasting guaranteed fixed rates from approximately 3 per cent and a host of flexible features, including the ability to make ad hoc interest repayments, service interest and include inheritance protection, products have evolved significantly.
They are most definitely not products of last resort but rather ones that allow people to make use of one of their largest assets and make active retirement choices.
As advisers, you are the gatekeepers to this opportunity. It is your responsibility to ensure that your clients – whether they are male, female, single, divorced or part of a married couple – are making the best choices for themselves both now and in the future.
Taking the time to discuss what role housing equity could play is vital and whether you are keen to offer these products yourself or have a referral relationship with a trusted partner, they should not be ignored.
2. Understanding that women are planners
Ben Mason, chief executive of estate planning specialists Kinherit
Women, more often than not, are planners. In a relationship it is common for women to be juggling their work with looking after the kids and the home, which means organisation and forward planning becomes second nature.
And yet the most important plan any woman can make – her will – is often either not written well or ignored altogether, leaving her (and potentially her children) more vulnerable.
