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Home  »News  »Property News

Equity release customers 'fall into three types'

10/09/2009

There are three main reasons pensioners choose to peruse an equity release guide to secure extra income, according to Key Retirement Solutions. Group director Dean Mirfin said that equity release customers generally fall into three groups – those who need to repay debts, a lifestyle group and the "aspirational set". He explained that the lifestyle group are pensioners who wish to maintain the same standard of living in retirement that they enjoyed while they were working by using money tied up in their property. The aspirational group are the customers who use the money to take a holiday of a lifetime or undertake a big project such as house renovation as opposed to just meeting financial demands. Mr Mirfin added: "There is still a large group who still don't realise equity release is something that can be used to continue satisfying their day to day needs or those who really want to do something with their retirement." Prudential's recent Equity Release Index revealed that UK homeowners aged over 65 have retained £654 billion of equity in their homes. Get a free equity release guide and find out how you can get some additional income

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