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Home  »News  »Property News

Equity release 'can help pensioners repay debts'

08/09/2009

Taking out an equity release plan can help pensioners to repay some of their debts and reduce their monthly outgoings, according to Key Retirement Solutions. The firm found that among its 1,761 equity release customers, debt repayment is enabling them to free-up £494 in monthly income. Key said that this equates to an average increase in monthly disposable income among pensioners of 38 per cent. Dean Mirfin, Key Retirement Solutions group director, said that while many expect retirement to be a time spent debt-free, 46 per cent of Key's customers had some kind of debt they wanted to repay. "For many, a solution to help increase income through debt repayment, is equity release," he said. "A £494 increase in disposable income no doubt will have a considerable effect on the quality of life for many if not all UK pensioners who are servicing different forms of debt." Recent research from Key also found that many pensioners cite garden and home improvements as their main reason for choosing equity release. Get a free equity release guide and find out how you can get some additional income

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