Different regulations and a small market putting providers off, says financial advisor
Different laws and the size of the market here are putting UK providers off offering equity release schemes to Manx homeowners.
Statistics show an increase people over 55 in the UK looking at schemes to extract cash from their properties, but the Isle of Man remains excluded.
The local market is regulated solely by the Isle of Man Financial Services Authority (IOMFSA) and any business wishing to offer an equity release product must comply with restrictive legal and property rules.
Local financial advisor Paul Chase of Financial Options doesn't think equity release products will be offered anytime soon:
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