Equity releasing 'helping Brits service debts'

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Equity releasing 'helping Brits service debts'

There is a growing trend among older Brits who are heading into retirement for them to use equity release deals to service their debts, it has been revealed.

Andrea Rozario, director general of Safe Home Income Plans, said more people are seeing the benefits of reducing their monthly outgoings as they enter into retirement by drawing on one of their most valuable assets - the equity they own in their own home.

She noted: "The number one reason is still to make their home more comfortable. We lump it all together as home improvements, but that could be anything from making adaptations to the property, to perhaps adding a conservatory."

The news follows recent comments by Ms Rozario where she claimed equity release has generally been the reserve of older individuals in the past, but growing numbers of younger people are also now seeing the benefits of equity release in the present financial climate.

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