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Home  »News  »Property News

Over-60s using equity release to pay down debts

14/10/2009

More and more over-60s in the UK are opting for equity release schemes to help them pay down debt, according to new figures. The Key Retirement Solutions Equity Release Market Monitor revealed that more than a third of those opting for equity release in quarter three were doing so to pay debts, compared with just 29 per cent in the previous quarter. It put the total value released by such schemes in quarter three at £214.2 million, 13 per cent higher than the £188.9 million released in quarter two. Andrea Rozario, director general at Safe Home Income Plans, said that the group had seen an increase in borrowers whose primary aim was to pay off loans, but added that these were primarily homeowners looking to end their monthly mortgage repayments. "That, coupled with the fact that the fastest growing group of people in debt are those aged 60 and over, would seem to make sense," she added. Get a free equity release guide and find out how you can get some additional income Posted by Jez Walters

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