SHIP rep says it is inevitable property will supplement retirement calculator

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SHIP rep says it is inevitable property will supplement retirement calculator

Tue 2nd Nov 2010

Safe Home Income Plans (SHIP) has described it as inevitable that many people will need to use the equity in their homes to supplement their pensions.

Andrea Rozario, director general at the institution, admitted that it can be "emotional" for people to release the equity in a property in this way.

In her view, people will feel more comfortable with the process as it becomes more commonplace.

She suggested that it is highly likely the UK will see more instances of equity release in the future, mainly because a property is the largest asset a person will usually hold.

"We are living longer and the majority of people don't really understand the impact that longevity is going to have on their finances," said Ms Rozario.

A recent study by Friends Provident showed 77 per cent of retirees would like to stay in their family home, while 11 per cent intend on downsizing.

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