Older Brits find equity release 'invaluable'

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Older Brits find equity release 'invaluable'

Mon 24th Oct 2011

Equity release can be an "invaluable" tool for helping older Britons to gain access to the funds they need to have a comfortable retirement in their own home, it has been claimed.

Lorreine Kennedy, founder of Carematters-uk.com, said the main reasons people consider equity release is to pay down debts, to reduce their outgoings or to generate additional income, with all of these things important for those close to retirement.

She commented: "Equity release can prove invaluable for the elderly. When someone is in need of care, they don't automatically have to move into a care home. Many people prefer to remain in their own home in familiar surroundings."

Meanwhile, Alan Smith, chief executive officer at Capital Assessment Management, recently noted that while downsizing can often be a better option than building up further debts, equity release is the perfect solution for those who do not wish to leave their home but who want access to part of its value as they head towards retirement.

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