Over-60s 'turning to equity release'

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Over-60s 'turning to equity release'

The over-60s are releasing the equity in their homes, but it is not clear precisely what is driving the trend, an industry insider has stated.

Director general of Safe Home Income Plans Andrew Rozario suggested that it may be because they are consolidating their mortgage debt so that they no longer have to make monthly repayments.

Mr Rozario noted that the over-60s are currently the fastest growing age group getting into debt, but observed that this is probably their mortgage and not unsecured debt such as credit cards or loans.

He said: "There are not many completed surveys that are really representative out there, so all we can go on, really, is what some providers are experiencing."

The total value of equity released grew by 13 per cent from the second to the third quarter of this year, according to the Key Retirement Solutions Equity Release Market Monitor.

Mr Rozario stressed that it is currently not possible to say whether pensioners are releasing equity to reduce debt.

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