Key Retirement Solutions: Equity release usage vary

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Key Retirement Solutions: Equity release usage vary

Key Retirement Solutions has conducted a study of what Brits choose to use the equity released from their houses for, which shows that their choices vary depending on their age and where they come from.

According to the pension provider, people from London and the north are most likely to use the capital released to give a gift to their relatives.

Key Retirement Solutions also found that older people are also more likely to use equity to help their families out financially, with 19 per cent of those over 75 making this choice, compared to six per cent of 55-59-year-olds.

Dean Mirfin, Key Retirement Solutions' business development director, said: "While few appear to release equity for an extra monthly income, many incomes are directly improved by the repayment of debt."

Recently, Saga claimed that releasing capital via equity could be a good way for retirees to avoid having to move out of their homes.

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