Prudential Property Value Release Plan 'could help pensioners'
www.moneynews.co.uk > Mortgages > Prudential Property Value Release Plan 'could help pensioners'
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Prudential Property Value Release Plan 'could help pensioners'
Thu 13th Apr 2006
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It follows a survey by the provider which claims that nearly a quarter of pensioners polled do not have sufficient savings to support their retirement and 19 per cent fear that they may have to sell or downsize their homes in order to solve the problem.
Among retirees with spare rooms in their homes, 17 per cent said they would consider taking on a lodger, while five per cent of pensioners would be willing to sell their house and move to a cheaper area.
Another option suggested to survey participants was an equity release mortgage, which ten per cent said they would consider as a method of supplementing their income.
"The Prudential Property Value Release Plan lets you draw down what you need, when you need it – and you are only charged interest on the amount you release," said Ali Crossley, director of lifetime mortgages for Prudential UK.
"It can be a good option for people who want to supplement their income with small lump sums over time."
The provider asserted, however, that there was "no substitute for planning" and that there were many things that could be done during one's life to enhance a financial situation, such as consulting with a financial adviser.
Related News : Mortgages |
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Related News : Prudential |
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