Younger Brits 'interested in equity release'

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Younger Brits 'interested in equity release'

There has been a gradual shift in age for individuals who are showing interest in equity release deals as the impact of the economic downturn has meant more people are looking at ways to boost their income.

According to Andrea Rozario, director general of Safe Home Income Plans, equity release has generally been the reserve of older individuals in the past, as this group tend to be living on a fixed amount and use the equity in their home to boost their savings.

However, many younger people are now seeing the benefits of equity release in the present financial climate.

She added: "Alongside that you have security of tenure, so you don't have to worry about being evicted from your property because you can't keep up with payments."

The news follows comments by Lorreine Kennedy, founder of Carematters-uk.com, who recently claimed that taking advantage of equity release schemes could improve the quality of life for many people presently struggling to make ends meet.

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