Saga equity release offers way out to divorcees

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Saga equity release offers way out to divorcees

Many older people are using equity release as a way of funding their divorce, according to Saga.

The over-50s specialist claimed that 12 per cent of people who choose the service do so to fund a divorce settlement.

However, home improvements are the main reason why people aged over-50 choose to release equity from their home, with 18 per cent of respondents to Saga's poll claiming they use it for this reason.

The second most popular driver was lifestyle improvement (13 per cent), followed by divorces and mortgage clearance (12 per cent).

A further six per cent said that they need the money to spend on children and grandchildren.

Recent research by Direct Line Home Insurance revealed that people aged over 50 in the UK have spent £2.5 billion on 'alternative assets' in the past five years.

The insurer urged collectors to make sure their prized possessions are covered.

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