Equity release 'could help older Brits manage their finances'

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Equity release 'could help older Brits manage their finances'

Wed 14th Dec 2011

The use of equity release deals could help older Brits maintain a comfortable standard of life in retirement, it has been argued.

Lorreine Kennedy, founder of Carematters-uk.com, said many older people tend to take out equity release borrowing when they reach their early 70s, as it is at this age that many realise they have been spending beyond their means in the years following retirement and now need to supplement their income.

She commented: "As a baby boomer, caught up in the ingrained desire to own property, I firmly believe that my generation will need to rely upon equity release to supplement our incomes."

Ms Kennedy added that people at this age tend to be fit and active and therefore the extra funds can help them considerably.

According to recent comments by Paul Rumbold, an independent financial adviser at Wayne Austin IFA, equity release can be the perfect solution for those in retirement to offset the recent rise in living costs that has taken place across the UK.

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