Aviva states equity release can provide debt relief

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Aviva states equity release can provide debt relief

Homeowners can deal with outstanding debts by utilising equity release, a spokesperson from Aviva has noted.

Dominic Fraser Smith, retirement manager at the company, claimed a few years ago people were using such transactions to fund luxury holidays, but nowadays it tends to be debts being paid off.

However, he highlighted how equity release need not be used to pay off money owed to financial institutions, since individuals can choose to give money to family members or simply increase their disposable income.

"It enables customers to draw down on that without needing to move home and therefore enable them to have a better lifestyle in retirement," explained Mr Fraser Smith.

He suggested equity release can be especially useful for people who have not got a significant sum put aside in savings.

Safe Home Income Plans recently welcomed a report by Aviva indicating there are plenty of people who are not prepared for retirement financially, with equity release being a "logical" option for them.

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