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Equity release could help older generation clear debts

Equity release could help older generation clear debts

- Friday, 1 October 2010

Equity release could be a debt solution for those who have carried their financial problems into retirement.

That is according to David Wright, managing director of Sixty Plus, independent advisors on equity release, who also thinks that carrying debt into old age is a "reality of life".

This is mainly due to the fact that people do not make enough pension provisions when they are working and may not have paid off their mortgage by the time they retire, he stated.

"Equity releases is one of the ways that they can pay that debt off. There are certainly a lot of people in retirement who are financially strained," Mr Wright said.

Therefore consumers in the older generation who wish to be debt-free could consider realising money from their property to pay off any financial arrears they have.

LV= revealed on September 30th that 1.2 million people aged over 50 who are still working would consider cashing in their property in order to fund their retirement.
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