"...it has taken away the worry."
Older homeowners are turning to the wealth tied up in their property to help them make ends meet. Growing numbers are releasing equity from their homes to pay off loans and credit card debts, or even clear mortgages they are carrying into retirement.
Bridgewater Equity Release, a specialist in home reversions, says that 43 per cent of its customers last year were releasing money to pay off mortgages while 27 per cent said they wanted cash to pay off other debts. These figures are up from 30 per cent and 15 per cent respectively in 2009.
A third of those aged 75 or over owe money on their credit cards, for example, according to insurer Aviva. And Prudential found that two-thirds of those due to retire this year were considering carrying on working because of financial pressures.
For many people it is about helping to maintain a lifestyle, rather than transforming it. In fact we're seeing people in later life hit hard by high inflation and low returns on savings.
One way to free capital from your property is to buy a smaller or cheaper home. But many older people are reluctant to leave the home they feel comfortable in and do not want the expense and upheaval of a move.
Specialist equity release products instead give them cash today while allowing them to stay in their home for life.
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To read the rest of the article and to find out why it was titled "...it has taken away the worry" , please go to Mark's Mortgage Blog here
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