How old are you? What is the approximate value of your property? If you have a mortgage or loan on the property, how much is outstanding? Title: Mr Mrs Ms Your First Name or Initials: Your Last Name: 1st line of your Address: Your Postcode: Telephone Number: Email Address:

A new study undertaken by Saga revealed that 17% of over 50s have little money left over after paying their debts to fund their retirement, whilst 41% of people who are already retired find it hard to clear debts.

Equity release is becoming more popular; this allows the over-55s to release money to help fund their retirement.

Over 13% of over-55s retire with debts - equity release can be used to help clear these debts and remove financial worries.  40% of this age group use equity release to pay off debts whereas 31% use it to re-mortgage their properties and fund a more comfortable retirement (52% use the cash to improve their properties; 34% go on a one-off holiday of a lifetime and 20% use the money to give to relatives as a gift).

Executive Chairman, Saga Group, Andrew Goodsell, commented on the study by stating that equity release is no longer seen as a last resort for people who have nothing else to turn to, equity release is now being used to clear debts and thus improve the quality of life in retirement.