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People Are Increasingly Likely To Use Equity Release To Clear Debts
20/07/2010
Recently a study has been carried out and the findings have shown that of the over 50s only
17% have enough money to left over after they have paid all debts off. 41% of people retiring
have found that actually clearing debts in very difficult. It seems most people will find having
the retirement they have dreamed of hard to achieve. One in ten over 13% of those retiring
over the age of 55 are in debt.
One of the ways people are dealing with helping to ease their retirement is by looking at the
option of Equity Release. The study has highlighted that two fifths over 40% of the over 55's
are using this option to clear debt and 31% have used it to re-mortgage. Those over 60 it
has shown that 52% have used equity release to do improvements on their home, 34% to go
on holiday, whilst 20% making a gift of money to a family member.
Andrew Goodsell, Executive Chairman, Saga Group, states that the study supports the fact that more and more people are turning to equity release to help clear debts and enable them to have a better quality of life in retirement. In the past equity release has been tarnished as being a last resort for those who have no where else to turn.
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