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Equity in Homes to Supplement Pensions
13/12/2010
It as inevitable that many people will need to use the equity in their homes to supplement their pensions according to Safe Home Income Plans (SHIP).
Director General at the institution, Andrea Rozario, says that it can be emotional for people to release the equity in a property in this way and in her view; people will feel more comfortable with the process as it becomes more commonplace.
She suggested that it is highly likely the UK will see more instances of equity release in the future, because a property is usually the largest asset a person will hold.
Ms Rozario said: "We are living longer and the majority of people don't really understand the impact that longevity is going to have on their finances."
Homeowners aged over 55 years who are concerned about their pension income and would like to know how much money the value of their property could release to improve this, can find out by contacting therightequityrelease.co.uk for equity release advice.
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