A century ago, 1920 signalled the beginning of a new decade, a new era and a much-needed fresh start for millions of people across the western world.

The Roaring Twenties, as they would become known, were a time of prosperity and cultural dynamism that we now look back on as a period of enormous progress.

But 2020 has been a little different. Instead of roaring towards any sort of cultural zenith, we have been dealing with a global pandemic more akin to events of the past than anything we have experienced.

The lockdowns have been some of the toughest challenges for more than a generation and our older population has been the most at risk, with thousands of our loved ones feeling the walls around them closing in ever more. However, it is those very walls that could offer a financial solution for those who need it.

It is awful to think that millions of people have started to view their homes more like prisons than safe havens; but maybe, for some, enabling them to create a more comfortable home is an option.

The equity within property could be the tool many reach for during this crisis, thereby increasing their choices. When savings are stretched, pensions are paying out less than ever and millions are on furlough, turning to property wealth could be the salvation for many and, as we are seeing, thousands are doing just that.

Equity release, for example, can be the route towards a host of life-improving possibilities. With so many of us cooped up inside, committing to those home improvements that have been put off for years seems an increasingly attractive option for some.

Furthermore, when the choice of funds to pay for improvements is limited, turning to equity must be a consideration.

Energy efficiencies are high on the government’s agenda and some people may benefit from the grant scheme, but improving efficiencies and making a home more comfortable can help many older people deal with the colder months and the depression that often accompanies them.

Industry help

In a time of forced isolation, I am glad our industry can offer the possibility of funding such improvements while simultaneously enabling homeowners to boost their house price further. In essence, equity release can be the tool that transforms what may feel like a prison to some into a refuge once more. We need to continue to explain how equity release can be an aid that people may wish to turn to, while helping them to cope with the problems life can throw at us all.

The focal point of lockdown rightly has been the safeguarding of our elderly population. But little has been said about how to support them mentally and physically. The pre-existing loneliness epidemic has been totally superseded yet potentially intensified by the pandemic. Yes, we can keep our grandparents shielded, but we must not forget about their day-to-day wellbeing.

Lifetime mortgage

The financial flexibility that products such as the lifetime mortgage could bring older people is vast and far reaching. Not only can their equity fund potential home improvements but it can make their lockdown experiences and future lives much less stressful. While we all hope this crisis period is not long term, the potential benefit of releasing equity could be, and often is.

Of course, some will say that downsizing could be a better option, and for certain people it may be. But many are reluctant to move when older and the pandemic has compounded this feeling.

The pandemic will likely have far-reaching effects, so we must continue to adapt our products and advice practices to make it ever easier for customers who may feel reluctant to have strangers in their home.

This decade has got off to a bad start, but I’m hopeful. With a vaccine in the pipeline and a change of leadership over the pond, the 2020s could still end up being great. For equity release, we need to be confident our offering is helping thousands of homeowners to realise the potential of their property and, more importantly, to feel comfortable in their home for as long as they wish.

Evolving and modernising our market to keep up with the changing nature of modern life is the next step, as who knows which way this crazy year will turn next.

Andrea Rozario is chief corporate officer at Bower