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People 'turning' to equity release

15/01/2010

The rising cost of food and fuel prices has badly affected many older people, leaving them on fixed or even declining incomes, according to the charity Independent Age.

The comments came after research by Key Retirement Solutions (KRS) showed that many retirees are seeking to reduce debt by releasing equity from their homes.
Dean Mirfin, KRS group director, said equity release continues to provide a major boost to many retirees.

Simon Bottery, director of policy and communications at Independent Age, said that many older people have been hit by low interest rates on their savings.

He noted: "Their choices are to cut back on spending, eat into savings if they have them or raise extra money through schemes such as equity release.

"Since over two-thirds of householders over the age of 65 own their own homes outright, it is easy to see why this option might be used more," he added.

Get a free equity release guide and see how you can get some additional income.

Posted by Carla Spuri. ADNFCR-2295-ID-19560934-ADNFCR

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