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Older people turning to equity release as a debt solution

Older people turning to equity release as a debt solution

- Wednesday, 7 July 2010

Older people are using equity release to solve their debt problems or fund home improvements, suggests Age UK.

According to a new report, Housing and Finance in Later Life, almost three-quarters of the older generation have used equity release to increase their financial security or as a last resort to pay off debt.

Furthermore, previous research for the charity found that 25 per cent of those approaching retirement age had outstanding credit commitments.

Louise Overton, from the University of Birmingham and the report's author, said: "The research shows that people take out equity release for a variety of reasons with increasing numbers using it to clear problem debt. But it does not play much of a role in lifting pensioners out of poverty."

Age UK is concerned that many pensioners are living on a low or modest income and that some of those surveyed revealed that they used equity release to maintain their homes - to ensure they could stay in it.

Equity release plans are a way of releasing money. Cash is borrowed against the value of a home and the debt is repaid from the sale proceeds of the property after the borrower's death.
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