Saga: equity release schemes can help avoid heartache

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Saga: equity release schemes can help avoid heartache

Wed 11th Mar 2009

Saga has released the results of a survey which suggest that for many old people, home really is where the heart is.

According to the pension plans provider, 89 per cent of people believe that their houses are more than mere bricks and mortar and 48 per cent claim that they want to grow old in their homes.

Saga also found that nine out of ten over-50s would be prepared to consider using their home to release capital if it enabled them to stay living there for longer and avoid the heartache of moving.

Alex Edmans, business development manager at Saga, said: "[Our] research highlights that over-50s do not just view their properties as a house but as a home.

He added: "With a lifetime of fond memories from within their family homes they would not want to be forced to move for financial reasons."

Recent research by the Alliance Trust suggested that older people may be struggling with the credit crunch more than the general population because they face a higher effective rate of inflation.

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