UK Money News
4th June 2008
Retirees urged to consider equity release
Retired homeowners are being advised to consider their equity release options by a national charity.
Help the Aged has highlighted that some retirees could be missing out on using the equity in their homes while they are struggling to cope with the rising cost of living.
David Sinclair, head of social policy at the charity, reported that the rise in house prices could be good news for retirees with larger properties and a small income.
"It does mean you have people in certain parts of the country who have a big property but do not have a lot of cash and it's those sorts individuals who struggle," he said.
Equity release can take a number of forms such as borrowing against the home and selling part of the property in exchange for an income or lump sum.
A recent survey by Saga revealed that just 12 per cent of the over-50s were in agreement that their home should be inherited by their children in its present form.
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