Equity release 'can improve quality of life'

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Equity release 'can improve quality of life'

Older Brits in particular have been advised that taking advantage of equity release schemes could improve their quality of life.

Lorreine Kennedy, founder of Carematters-uk.com, said this practice can offer many advantages over other types of secured loans, including mortgages, as individuals can have access to funds much faster.

People should be aware of the risks of taking out this form of borrowing, but these can be addressed by individuals taking the time to contact a professional financial adviser before embarking on any life-changing decisions.

"Raising money through an equity release, for whatever reason, can make a huge difference to the quality of a person's life," she commented.

Ms Kennedy also recently argued that the main reason people have for taking advantage of equity release schemes is in paying down their debts when they reach retirement age.

Another of the main reasons she cited was the need to reduce monthly outgoings and to provide supplementary income.

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