Saga: Equity release funding fulfilled retirements

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Saga: Equity release funding fulfilled retirements

Tue 20th May 2008

New research from Saga's equity release service has found that many people are using the equity in their homes to enhance their retirement.

In a response indicative of changing mindsets, only 12 per cent of respondents it is survey said they disagreed with equity release products because the home should be for their children to inherit.

The company notes that most over 50s will have thousands of pounds of equity tied up in their homes when they retire, with 79 per cent of those that own their home having paid off their mortgage by the age of 60.

Andrew Goodsell, chief executive of Saga Group, stated: "We have seen an increasing amount of customers use the equity from their home to fund retirement."

Earlier this month, Saga urged people to seek financial advice in order to protect their inheritance while ensuring their long-term care needs.

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