How to Improve Your Customer Service with These 8 Ways to Get Feedback

It doesn’t matter what type of business you have or how long you’ve run it. Your customers are the lifelines of your brand.

Whether you sell products, offer services, or a combination of the two, customer service needs to be one of your top priorities.

You could have the best product in the world, but if you don’t treat your customers well, it’s going to hurt your bottom line. On the flip side, you could have a product that’s average, or even subpar, and be extremely profitable if you provide excellent customer service.

How is that possible? Well, the numbers don’t lie.

According to research, 80% of consumers say they’re willing to pay more money to businesses offering better customer service.

But that’s not all. Failing to provide good customer service can result in the loss of your customers.

What exactly causes a business to lose customers? Research shows that only 14% of customers stop supporting a business because they are not satisfied with their products or services. And 9% leave because of the price.

But look at the top reason why customers leave a business. Nearly seven out of 10 customers will leave because they don’t feel valued.

In short, customer service is more important than what you’re selling.

Now that we’ve established why improving your customer service is important, it’s time to take steps in that direction. But how can you improve your customer service if you don’t know what your customers want?

It’s simple. Just ask them.

Getting feedback from your customers is a crucial component of your customer support strategy.

It shows them you care about their opinions. Furthermore, the results can help you better your business and ultimately make more money.

If you want to provide excellent customer service, I’ve narrowed down the top 8 ways to get feedback from your customers.

1. Create surveys

Leveraging customer surveys is the most logical place to start your quest for feedback.

Depending on what you’re using the survey for, the questions and potential responses can vary.

It’s important to have a clear goal when you’re creating these. For example, if you’re trying to improve your customer service, you don’t necessarily need to ask the customer about a specific product.

That said, surveying customers about a previous purchase shows them you value their opinions, which they perceive as good customer service.

The idea is to get your information and get out as soon as possible. Customers don’t want to fill out a 20-minute survey.

People are busy. In all honesty, they’ve got better things to do. I recommend using an online resource such as SurveyMonkey to create your surveys.

You can create an account for free and have access to templates and pre-written questions about specific topics. Obviously, you can customize those to fit your business and goals.

Once your survey is complete, it’s easy to distribute it electronically to your customers through all your marketing channels.

Since time is of the essence here, keep your surveys short and limit them to a handful of questions. Don’t ask obvious or misleading questions.

Don’t ask questions and provide answers you want to hear. You may be doing things wrong. Allow your customers to share that information with you.

Sometimes you need to give your customers some extra incentive to fill out a survey to get as many responses as possible. A discount off their next purchase should be sufficient.

2. Interviews

Interviews might not work for your business.

It’s much easier for brands with brick and mortar locations to conduct interviews than for online businesses.

Sure, ecommerce companies can still interview customers. But they’d have to set up a Skype session or phone call to do so. This isn’t impossible, but it’s more of a hassle.

But those of you with physical store locations can interview customers when they shop in person.

The best time to do this is after the customer has checked out and is getting ready to leave. You don’t want to bother customers while they are shopping because it could potentially prevent them from making a purchase.

Since it’s not the most common practice, this strategy could really help you gain an edge over your competitors.

Nearly 90% of marketing experts believe that improving the customer experience is the top factor for differentiating their brand from the competition.

Before the customer leaves your store, politely ask them if they have five minutes to answer some questions. If you tell them the interview is going to be five minutes, you’d better stick to five minutes.

Conduct the interview away from the register so it doesn’t hold up your line.

It doesn’t need to be in an office, but go somewhere with some privacy so other employees and customers can’t hear the responses.

Introduce yourself and explain why you’re conducting the interview. Establish a rapport with the interviewee so they feel comfortable answering your questions honestly.

Make it clear that you won’t be offended by their responses. Some customers may be hesitant to provide negative feedback if they are saying it directly to your face.

You’ll need to let your guard down and ask questions in a way that gives them the opportunity to say how they truly feel.

The great thing about an interview, as opposed to a survey, is that the answers are more authentic. Customers have a chance to tell you what’s on their minds, without having to select from a pre-determined list of survey responses.

Record your interviews, with the customer’s permission, of course. That way you won’t have to scramble to write notes while they are speaking.

Again, you can offer an incentive to customers who take the time to answer your questions. Thank them for their time, and give them a coupon.

3. Add a comment box to your website

This one is pretty simple.

Include a customer feedback form on your website. That way, people who are visiting can see this as an opportunity to share their opinions.

Here’s an example of a basic version of a comment box on the BuildFire website:

You have different options with these comment boxes. As you can see in the example above, this form requires you to include your name and email address with the message.

But you could provide the visitor with an anonymous option.

If customers do provide you with their contact information, it’s always in your best interest to reach out to them when you receive the message. This is especially true if they are voicing a complaint.

Apologize for any inconvenience you may have caused them. Offer a solution.

Let them know that you value them as a customer and that you’ll make improvements to ensure this won’t happen again. Thank them for reaching out to you.

Here’s something else to keep in mind. Don’t be discouraged by negative comments.

You should be thankful the customer told you about their poor experience instead of leaving without saying a word.

In fact, only 1 out of 26 customers will complain if they are unhappy. The other 25 will just give up on your brand and stop buying.

When a customer gives you negative feedback, you still have the opportunity to make things right. Not all is lost.

You can turn a negative experience into something positive by mending that relationship.

4. Third-party reviews

Your business is on websites such as Yelp, Google Local, and TripAdvisor.

Just because you don’t control those websites doesn’t mean you should ignore them. Make a habit of checking those listings weekly, at a minimum.

If you are getting tons of reviews, consider checking more frequently.

For starters, you want to make sure the information listed on these sites is accurate. I’m referring to your hours, phone number, menu, pricing, etc.

But you also need to consider the customers who willingly took the time to write about your business.

Good comments. Bad comments. You want to pay attention to all of them.

All too often when we talk about customer service, it seems like businesses automatically jump to the negatives. While it’s important to be proactive about those poor experiences, it’s also necessary to keep track of the positive ones.

This will reinforce what you’re doing right. You’ll know what you should continue doing instead of changing something that customers are happy with.

5. Live video broadcast

Jump on the live video bandwagon.

Facebook. Instagram. YouTube. All of these marketing channels have live streaming features you should be taking advantage of.

While this tactic isn’t quite as intimate as a focus group, which we’ll discuss shortly, it gives you the opportunity to reach a high volume of customers at the same time.

Here are some of the top benefits of live video streaming, according to brands, retail companies, agencies, and other marketing executives:

As you can see from their responses, a more authentic interaction with the audience ranked first on the list.

This authentic interaction is great for getting customer feedback. That’s because customers can comment in real time while you’re broadcasting live.

Everyone else watching can see those comments as well. Respond to comments.

Depending on how many people are watching your stream, it can be overwhelming to keep up with comments. That’s okay. Take your time to go through them.

The great thing about these live streams is you can save them and refer to them at a later time. Read through the comments, and take notes. Group similar statements so you can prioritize what needs to be addressed first.

Live video is great for customers as well. They can watch it on their smartphones from the couch as opposed to being bothered when they are in your store.

6. Focus groups

Focus groups aren’t nearly as popular as some of the other feedback methods. This is mainly because the logistics are more complex.

But that doesn’t mean you should ignore this option. Even if it’s not your top choice, conducting a focus group should still be in your arsenal of potential ways to get feedback from your customers.

An ideal focus group is conducted in person, with all the participants in the same room. Groups of six to eight customers should commit between 30 and 60 minutes of their time to participate.

Being in a room together will allow them to feed off each other.

One person could say something that another customer may not have thought of. As a result, it could trigger a response based on that customer’s experience.

Focus groups are great for testing new products and ideas. Allowing your customers to be part of the innovation process will make them feel valued, the importance of which I have already talked about.

Customers who participate in focus groups should be compensated much more than those who fill out a survey online.

Your customers who complete a survey may get 20% off their next purchase. But it’s not unreasonable to provide a $50 or even $100 gift card to customers participating in focus groups. You should also provide them with some food when they arrive.

7. Follow-up emails

After a customer makes a purchase, you should send them a follow-up message, asking for their feedback.

I’m sure you’ve seen these before. Here’s an example of a short survey from Venmo embedded directly into an email:

As you can see, this survey is directly related to customer service.

In addition to embedding the survey into the email, you could also provide a link for the customer to provide feedback through a platform like SurveyMonkey, which I talked about earlier.

You may even decide to send a link to the comment box on your website I previously mentioned.

Just realize that any additional steps a customer has to take to give you feedback will decrease the chances of it being completed.

Don’t be annoying. All too often I get three or four emails from a company asking me to provide feedback for my most recent purchase, flight, etc.

You don’t want to be that person.

If they don’t respond after the first message, you could send one more reminder. But that’s it. If they still haven’t given feedback, you could always try again in the future after their next purchase.

8. Social media comments

You need to stay active on social media.

But in addition to posting content on a regular basis, you also have to track what your customers say about you.

Don’t ignore your notifications. Read through your comments and direct messages.

Do this on all platforms. Facebook. YouTube. Instagram.

Use the Twitter advanced search query to find out what customers are saying about you, even if they don’t tag you directly.

Check out these comments from a post on the Lululemon Facebook page:

The first comment is positive, and the second comment shares some criticism.

But do you notice something they both have in common? Lululemon responded to both of them.

As I said before, you need to treat both positive and negative feedback the same. In both instances, you want your customers to know you value them.

More than half of consumers say they expect brands to respond to their feedback. If their comments are negative, that number jumps from 52% all the way up to 72%.

Conclusion

If you can’t keep your customers happy, your business is going to struggle. It’s a fact.

Customers care more about customer service than they do about the quality and price of what they’re buying.

That’s why it’s so important for you to find ways to get their feedback. But there is no one-size-fits-all way to do this.

Not all customers will respond to all tactics.

In order to get responses from as many customers as possible, you’ll need to try different approaches. This will also help you get accurate results.

Refer to this list of my favorite 8 ways to get customer feedback. Ultimately, this will help you provide enhanced customer service.

What method is your company using to get feedback from your customers?

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Yes, Let's Have a Free Market in Energy

All of a sudden everyone on the Left wants "free markets in energy policy." But is laissez-faire energy policy really what liberals are seeking?  

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The Value of the Roadside Attraction

This summer, my family and I are going on a lengthy road trip vacation through the South, touching the states of Illinois, Indiana, Kentucky, Tennessee, Georgia, and Florida, and possibly portions of Alabama and Missouri. We’re intending to visit several sites along the way, including historical areas, museums, national parks, and amusement parks.

A big part of our family road trip vacations is that we plan a few “tentpole” events – big stops that form some of the destinations of our driving – but most of what makes such vacations so enjoyable isn’t those big tentpole stops, but the little things along the way.

Many days, we start off by stopping at a grocery store and refilling our cooler with some food items for the day – sandwiches, vegetables, and odds and ends like that. Then, we’re off to our destination that evening.

What makes our trips stand out, though, isn’t the race for the destination, but the fact that we’re constantly looking for little quirky stops along the way. The highlights of many of our family vacations have centered around stops at roadside attractions and serendipitous discoveries. In fact, much of our vacation planning is done to include this type of serendipitous discovery.

Why? Two reasons. One, it’s incredibly fun to find a weird roadside attraction or something really unusual in a small town somewhere. Two, it’s almost always free and, if not, it’s always super cheap, far less than the cost of going to big “attractions” in larger cities.

Want a specific example? We don’t build memories at the Mall of America. We build memories at the world’s largest twine ball in Arthur, Minn., and it’s way cheaper.

How do we incorporate this so strongly in our vacation planning?

First of all, we drive shorter legs each day than would be needed if our goal was solely to arrive at the day’s destination. For example, we could drive 12 or 13 hours in a day to make it to a destination, but we’re much more likely to just cut that in half and drive two six-hour legs, each of which provides plenty of time for stops and side journeys.

So, let’s say we’re driving from Iowa to Miami. We could drive that easily in two days if we were really pushing it, stopping somewhere in Georgia for the night. Instead, our approach would be to drive it in three days or maybe even four days, stopping along the way.

We make up for this by spending less time at the actual destination, which is often underwhelming. Plus, lodging at the destination is often expensive, whereas destinations along our road trip can often be found at a much lower price. It’s far cheaper to stay at a hotel in a nondescript area a decent distance away from a metro than it is to stay near a major tourist destination.

Our vacation planning is usually done on each day of the trip, where we scope out tools for finding unusual roadside attractions and offbeat things. We always check out Roadside America and Atlas Obscura for things along our path, as well as the tourism guide for the state we’re in. We look for things that are within a reasonable radius around our driving path for the day.

For example, let’s say we’re driving from Greenwood, Ind., to Dalton, Ga., as a leg of our trip, which is about six and a half hours. As we start out for the day, we’ll check various route options on our trip and then look for various roadside attractions along the route options.

So, one route would take us close to Nashville, Tenn., while the other route would take us to the other side of Tennessee, near Knoxville. I’ll then go to Roadside America and Atlas Obscura and plug in ZIP codes for some of the towns along our route, looking for interesting things near those ZIP codes.

Along one route, we might see things like the Sunsphere in Knoxville and the Big Goofy Metal Bird in Rockford, Tenn. Along another route, we might drive along Music Row in Nashville and then see the Cast Iron Cookware Man in South Pittsburg, Tenn.

The thing is, as I start naming off options along the route to our family (and, often, they’re looking at options, too), it creates a strong sense of days filled with endless possibilities. It can feel like we have tons of options, and the truth is that we’ll often stop at too many things on a road trip day like this and end up getting to our destination quite late at night because the day of road tripping was so fun and fulfilling.

Yes, sometimes the roadside attractions and weird items end up being kind of lame, but, honestly, those things often end up being just as fun. They have become the source of running jokes in our family, sometimes carried over from vacation to vacation. We still make reference to a particularly weird hotel we stayed in more than a decade ago.

On the flip side of that, sometimes you’ll find something absolutely amazing that you never expected to find. A road trip several years ago took us into Bardstown, Ky., which I’d never heard of before. It has one of the most beautiful town squares I’ve ever seen and an absolutely amazing area to walk around near the town square, and it turned out to be one of the highlights of that entire vacation even though it cost us almost nothing (we did eat a meal there, but we were planning on eating a meal in a restaurant anyway).

To bring things back around to the beginning, we often fill up our cooler at the start of the day with items from a grocery store if needed (because we often have items from the day before). This often leads us to have a picnic at a nice town square in a town we’ve never heard of before, or stopping by a playground that’s well regarded due to the unusual equipment or the giant sculpture that’s nearby. It becomes a free lunch that’s also highly entertaining and unusual.

Over the years, this has just become the norm for how we handle long road trip vacations. We used to be much more focused on the destination, but these days I find the journey to be at least as compelling, if not more so, and the journey is often far less expensive to boot. We’ve discovered all kinds of cool small town treasures over the years by doing this and it’s drastically cut into the cost of our trips, too.

If you’re planning a family vacation by car this summer, here are some suggestions to take advantage of this.

First, don’t be afraid to turn one day of driving into two or two into three, and then trim a day or two off of your time at your destination. Often, the destination is overpriced and you’ve seen everything you want to see there in just a few days anyway, so rather than spending five or six or seven days in one place, trim it down to three or four days and add a day to the drive. This allows you to cut each driving leg down substantially.

Second, fill up your cooler with stuff for a meal or two at the start of each day. Sure, you’ll probably eat at some restaurants on vacation, but if you can turn a few meals into simple picnics, you’ll save quite a bit of money. Plus, picnics tend to sync up incredibly well with interesting town squares, parks, and roadside attractions.

Third, as you start your day, take a look at Roadside America and Atlas Obscura to see what you can find near you and near your route. There’s really no need to plan this in advance – it’s far more fun to let spontaneity happen and see what you’ll stumble upon on the drive. Use those tools, along with the state’s tourism guide, and identify some interesting and unusual and weird stuff along your path, and then let people talk about it and decide on what path to follow and what things to visit.

I recommend trying to include a park or a town square as one of those options for a mid-day picnic lunch. Exceptional parks and town squares often show up in tourism guides and occasionally in the other tools, too.

Finally, just enjoy the attractions, good or bad. The good ones are genuinely enjoyable. The goofy and weird and bad ones can be memorable, too, but in a very different way. Just go into these things with an open mind and you’ll usually find some things to appreciate and, if nothing else, you’ll leave with something to laugh about. More often than not, though, you’ll leave having discovered something new and interesting, and isn’t that part of the fun of a family vacation?

Never overlook the value of the roadside attraction. In fact, it’s worth your time to incorporate it into your travel plans.

Related Articles: 

• The Secret of Inverse Vacation Planning
• How I Plan a Really Cheap Weekend Getaway
• How We Plan Frugal Family Vacations in National Parks

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We Found a New Way to Get a Serious Discount on Your Cell Service

We love buying in bulk because of the sweet discounts. With our 36 rolls of toilet paper, 20 pounds of dog food and gallon of liquid dish soap, we’re saving money and stocking up at the same time.

It satisfies our caveman instincts to hoard goods and materials essential for survival. This basic principle is what keeps warehouse chains like Costco and Sam’s Club in business.

But what about cell phone service? We found an innovative company that applies this concept to offer a serious discount.

Get Cheaper Phone Service With This Online Plan

Enter Mint Mobile, a bold newcomer that’s making a splash in the world of discount wireless carriers. Upstart companies like Mint offer cheaper rates than the big guys, such as Verizon or Sprint.

Here’s Mint Mobile’s deal: It offers deeply discounted rates — as long as you pay for several months in advance.

Mint runs on T-Mobile’s wireless network, so you can expect similar coverage. It doesn’t sell phones. You bring your own phone and buy a package of three, six or 12 months.

Let’s say for the next year, you’ll want 10GB of 4G LTE data per month — about 270 hours of surfing the internet, 70 hours of streaming music or nearly 10 hours of streaming video.

With Mint, that costs $25 per month, a significant savings compared to your typical cell phone plan. In contrast, you’ll pay $80 for the same thing at Verizon, or at least $80 at AT&T. Now, to lock in that savings, you’ll pay the whole $300 for the year up front — all 12 months at a time.

If you’re not sure you want to commit, you could try a three-month plan with a seven-day money-back guarantee. Right now, Mint is offering an introductory three-month plan for just $15 a month — 35% off. If you love it, re-up for 12 months after that to keep the same rate.

All plans offer unlimited talk, text and data (data speeds slow down after you use the listed 4G LTE allotment).

Mint Mobile: 12-Month Plan and Introductory Rate for Three-Month Plan

2 GB	5 GB	10 GB
$15	$20	$25

Mint Mobile: Three-Month Plan

2 GB	5 GB	10 GB
$23	$30	$38

Mint Mobile: Six-Month Plan

2 GB	5 GB	10 GB
$18	$24	$30

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He has two kids and buys paper towels in bulk.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Seniors And Affordable Transportation: How to Find Transport That Seniors Can Afford

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I Love My Dad, but He’s Dead Broke. What Do I Owe the Man Who Gave Me Life?

Dear SED,

This is the greatest fear come true for a lot of us who have aging parents, isn’t it?

About 40 million adults serve as a family caregiver in some capacity, according to an AARP study, and about 25% of those are millennials. As our parents get older, it’ll be harder to hide from the need to make tough decisions for our parents’ benefit.

But parental health issues and money troubles aren’t things you can easily bring up around the dinner table. Parents don’t want to talk to their grown children about worst-case scenarios. Asking for help is hard for the people who are so used to providing for others.

Which is why it hurts even worse when they wait to come to you until they’re really in financial trouble.

It’s time to have a long talk about money.

Call your dad and find a time to talk or meet when you won’t be bothered by others. Maybe plan for sandwiches. Tell him upfront that you want to talk about money and preparing for his future. Being upfront tells him you’re facing the problem head on, and that he should, too. If you spring it on him mid-sandwich, he’s going to feel blindsided.

But this isn’t a lecture. Think of it as a fact-finding mission. Tell your dad: “I know money’s tight, and as I’m planning for my own financial future, I want to think about yours, too.”

Then ask lots of questions.

Does he have any money in savings? Is there any money he set aside for you or your siblings a long time ago? Does he owe any debt? What are his normal bills each month? Does he have a will? What about life insurance for him, his wife or his mother-in-law? What stresses him out when he thinks about money? What does he worry about when he looks for work?

The answers probably won’t be pretty, but it’ll get you talking. This conversation isn’t a time for “I told you so” or “Why’d you do that?” comments. It’s a time to ask questions and learn. This first, terribly painful conversation will help you lay the groundwork for your financial future together, in whatever format you decide upon.

You don’t have to commit to providing monetary support. Don’t forget that your time may be just as valuable to him as he navigates this next phase of his life.

A few resources that may help as you determine next steps:

When he turns 65, your dad will be eligible for Medicare. In the meantime, his modest income may mean he’s eligible for Medicaid. Securing health insurance can take a huge burden off your family’s aching shoulders.

The CFPB’s retirement calculator can show you what benefits your father might be able to claim from Social Security at various ages. Sit down and use the calculator with him, since you said he’s not tech-savvy.

Find out where your local Area Agency on Aging is based, and what services it offers. This organization can connect your family to resources for insurance and health issues, transportation and other nearby services. It’s also a reliable source of information to help your dad avoid financial scams that target seniors.

You don’t need to concoct a grand plan to save your father’s finances right away. But by understanding as much as you can about his situation, you can determine the best way to help him, whether it comes from your budget or elsewhere.

The inbox is open. Submit a question or send your worries to dearpenny@thepennyhoarder.com, and I’ll see what I can do to help.

Disclaimer: Chosen questions and featured answers will appear in The Penny Hoarder's “Dear Penny” column. I won't be able to answer every single letter (I can only type so fast!). We reserve the right to edit and publish your questions. Don’t worry — your identity will remain anonymous. I don’t have a psychology, accounting, finance or legal degree, so my advice is for general informational purposes only. I do, however, promise to give you honest advice based on my own insights and real-life experiences.

Lisa Rowan is a senior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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New opportunities for older mortgage borrowers

It used to be extremely difficult to be approved for a mortgage in your 60s, but there are now providers that are willing to be more flexible.

Paying off the mortgage before reaching retirement used to be a reason to celebrate. But thanks to demand and a more relaxed approach from lenders, borrowers are increasingly finding that a mortgage can be a valuable financial tool in later life.

For some people, it’s a matter of necessity. "A change in circumstances such as divorce, redundancy or an accident can leave people still paying a mortgage at retirement,’ says Ray Boulger, senior mortgage technical manager at John Charcol. "People can also be left with mortgage debt where they’ve gone for an interest-only deal and can’t clear the outstanding balance."

• Interest rates held for now - but mortgage borrowers can still save thousands by switching

Demographic shifts will also push up the probability of carrying mortgage debt into retirement. With the average first time buyer now aged 32, it’s trickier to become mortgage-free.

Not all the reasons for a later mortgage are negative, however. "We see plenty of older borrowers taking out mortgages to help kids and grandkids onto the property ladder or for inheritance tax planning reasons," Mr Boulger adds. "The money can also help if they want to adapt or maintain their home, or they simply want to enjoy retirement more."

Changing attitudes

Whatever the reason for a mortgage in later life, many older borrowers have struggled to find lenders who will entertain their request. While some of the blame lies with lenders’ caution following the financial crisis, David Hollingworth, associate director at L&C Mortgages, says it was also exacerbated by the Mortgage Market Review which came into force in 2014.

This shifted the focus to affordability and the vulnerability of the borrower. "Having a mortgage in retirement was seen as a bad thing, and many lenders slapped maximum age caps of 70 or 75 on their products," he explains. "But with more people working longer, attitudes to older borrowers have relaxed."

As a result, although some have stuck fast to 70 and 75, it’s now quite possible to find lenders who are comfortable to lend to age 80, with some going even further. For example, Halifax increased its maximum age at the end of the mortgage term from 75 to 80 in 2016, while Nationwide shifted its maximum age from 75 to 85.

Some go further still. The Family Building Society, for instance, is happy to let a 70-year-old take out a 16-year mortgage and will even arrange a five year mortgage for an 89-year-old.

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According to Keith Barber, associate director of business development at Family Building Society, decisions around lending do not come down to age. "It’s about affordability," he explains. "If someone can demonstrate they have the income, we can lend them money. From a lender’s perspective, someone with a final salary pension is probably less risky than a 40-year-old who’s working."

What lenders take into account when assessing affordability does vary. For example, while some want to see evidence of fixed pension income, others will also take into account investment income, rental income and income from employment.

In some instances, borrowers can find themselves having to produce evidence of both their work and retirement income. For example, at Nationwide, if the mortgage term takes you beyond age 70 or your intended retirement age if that’s earlier, you will need to provide evidence of your retirement income. If you’ve got more than 10 years to retirement when you apply, demonstrating that you have a pension is sufficient, but less than 10 years and you’ll need to provide evidence of how much retirement income you’ll receive.

Shopping around can help if your retirement plans don’t fi t those of the lender. For instance, Gemma Harle, managing director of Intrinsic mortgage network, says some lenders will take earnings from employment into account beyond age 70. "It will depend on your job and how realistic it is that you’ll carry on working," she explains. "It’s less likely for a manual job, but it’s perfectly reasonable for someone employed as a receptionist to keep working well into their 70s and beyond."

Much more choice

While the more relaxed rules around borrowing make it easier for people who may still be trying to pay off their mortgage in their 60s, there’s also much more choice for people who simply want to tap into the equity in their home.

As an example, Ms Harle points to Hodge’s 55+ Mortgage, describing it as a hybrid between a lifetime and a standard mortgage. "With this, you select a term for your mortgage and pay interest every month, repaying the loan at the end of the term," she explains. "It gives borrowers greater certainty over the interest they’ll pay and the future debt."

You can borrow up to 60% of your property value and the maximum term is determined by when the youngest borrower turns 95. You’ll need to demonstrate affordability and have a repayment strategy in place too; the current rate for a five-year fix is 3.90%.

Another option that’s popular with advisers is Family Building Society’s Retirement Lifestyle Booster, which runs over a 10-year term. This allows you to borrow up to 25% of the value of your property, which is then paid to you over the 10-year term as a fixed sum each month. In exchange, you pay interest each month and then clear the original loan at the end of the 10 years. Hollingworth says that as well as certainty over payments, this can suit people in the early years of retirement. "This may be worth considering if you’re looking to boost your income while you’re still fit and healthy," he explains. "At the end of the 10 years you might decide to downsize, with the sale proceeds used to clear the debt."

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The choice is set to increase further still, with the Financial Conduct Authority giving the green light to retirement interest-only mortgages earlier this year. Previously lumped in with equity release products, these are now classed as standard mortgages and benefit from more relaxed lending rules. They enable older borrowers to take out a loan against their property, simply paying interest on the debt. Unlike the mortgages listed above, there isn’t a term, so the debt becomes repayable on death or earlier if required.

Mr Boulger adds: "Only the Family Building Society has signalled its intent to launch one so far, but I do expect more launches over the next year or so. As well as certainty over the future debt, where short-term fixes are used it will give borrowers access to a cheaper interest rate."

Just where interest rates are likely to be set on these products remains unknown, however. While these products could well prove popular with borrowers, one challenge is that without a fixed term, lenders may have issues around matching funding to these loans.

Other options

Although the retirement mortgage market may be set for growth, anyone wishing to tap into equity may want to look beyond the products tailored to older borrowers. "If you want to help your kids get on the property ladder, you could consider a linked mortgage where your property wealth is used to secure a better deal for your children or grandchildren," explains Ms Harle. "It can be a more straightforward option."

Among the lenders active in this market are Barclays, with its Family Springboard mortgage, and the Post Office, with its Family Link and First Start products. The mechanics vary, but with the Post Office Family Link mortgage the child takes out a 90% mortgage and then raises the other 10% with a five-year interest-free mortgage secured against your home.

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Although they have historically been regarded as something of a last resort, Boulger says it’s also worth considering lifetime mortgages when weighing up the options. "Interest rates have come down significantly on these products over the last few years, now starting at around 4%," he adds. "Given that this is fixed for life, it can represent good value."

But, with so many options now available, and the choice set to become broader still, taking advice around this is a must. "What you decide to do can affect your current finances, but also the inheritance you leave your family," adds Ms Harle. "Make sure you speak to an adviser who can look at your overall financial position."

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• Mortgages

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Game-changing ways to teach kids about money

When Dr Arinola Araba wanted to help her kids understand the value of money, she found a novel way to get the message across – and has now inspired others across the UK and beyond. Here she explains how it all began and offers her top tips to help your kids learn how money works.

The way we do business and pay for things has changed so much recently that explaining to a child how money works presents a very different challenge than it did just a few years ago.

The popular phrase ‘cash is king’ seems to be losing its place now that we have so many different ways to pay for goods and services. And this world of easy credit and electronic transactions means it can be difficult to explain to children how money works.

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But given that research suggests money habits are picked up from as early as age five to seven, it is crucial that the younger generation understand their finances so they can develop a better relationship with money that can help them to gain ‘financial freedom’ later in life.

I am a single mum to three young adults, who are all currently at university. When the children were younger and in primary school, they were introduced to the idea of undertaking chores and earning pocket money.

But when I entered a period in my life when redundancy and lower wages became a reality, I realised the children needed a better understanding of how you work or solve a problem to earn money; it does not sit in the bank, at the ready when you insert a card into the cashpoint. And I had to fi nd a way to get that message across.

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That conversation began with 22 teenagers in our local east London community, followed by hours of workshops where we had many conversations about the origins and uses of money. The bMoneywize board game was born as a result of this project, and I believe my children now have a sound financial understanding because of it. They all hold part-time jobs while studying and they contribute to the running of the home when they come back during the holidays.

The game itself has gone on to gain recognition on a national and international scale, and I now go into schools to teach children money skills using the board game during either their maths or PSHE (personal, social, health and economic) lessons.

• We're all responsible for teaching kids about finance

If I had to give parents or other family members my top tips to teach children about money, they would be as follows:

1. Show children, with relevance to their age, how you deal with your finances – whether that’s making payments or managing bills – and make it fun.

2. Encourage children to save towards something they want. This goal will give them a feeling of control and achievement.

3. Reward children, if possible, to help them understand the benefits of saving and earning interest. You could, for example, offer to pay part of the cost of an item they are saving up for.

4. Children need opportunities  to practise handling money in age-appropriate ways; either through play or by taking responsibility for paying smaller items or bills or helping with chores around the home.

5. Teach children to take care of  the money they do earn.

Dr Arinola Araba is an author and the inventor of the bMoneywize game, which focuses on helping young people learn maths and financial skills in a fun way. You can buy a copy for £24.27 (£19.97 plus £4.30 p&p) on Bmoneywize.co.uk

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• Family life

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