Older Brits 'might consider equity release'

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Older Brits 'might consider equity release'

Fri 30th Sep 2011

Equity release could be the solution for older people heading towards retirement but who have not built a considerable nest egg to retire on.

David Wright, managing director at Sixty Plus, said the process can be the perfect option for those who do not wish to downsize or take in a lodger to help meet their financial commitments.

He commented: "It is a very good way of helping to fund retirement. People have had fragmented working lives and they can be asset rich, but casual income poor."

Mr Wright added the process is "safe" and can help older people to realise the retirement they had always dreamt of.

According to figures from insurer LV=, almost a third of over-50s (two million people) look set to use the equity in their home to help supplement their retirement income in the future.

This figure has risen over the last 12 months from 1.5 million in 2010.

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