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Debt management plans among retirees reflected in release of equity

Debt management plans among retirees reflected in release of equity

- Friday, 15 January 2010

An increasing number of retirees are committing to debt management by releasing equity from their homes, new figures indicate.

According to the UK Equity Release Market Monitor, the dominant reason why many people are releasing equity is to repay non-mortgage debt.

The proportion of retirees engaging in this trend to free up income has increased to 35 per cent of customers, up from 11 per cent in 2008, the study reports.

Commenting on the figures, Key Retirement Solutions group director Dean Mirfin said: "The uses of equity release continue to be widespread, however the considerable increase in the use of funds to repay debt is one of the greatest trend changes we have seen."

Mr Mirfin expected that the trend of debt repayment would continue throughout 2010.

Retirement income specialist MGM Advantage recently predicted that the typical retired household will need to spend an additional £429 a year in order to maintain the same standard of living they enjoyed 12 months ago.ADNFCR-2300-ID-19560604-ADNFCR
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