Homeowners ‘can use equity release instead of selling property’

Posted 09/12/2009

Older homeowners looking to use their property as a means of freeing up retirement finance have been advised to consider equity release as an alternative to selling up.

Colin Jackson of investment expert Baronworth stated that some consumers are currently looking to invest in large properties in anticipation of their values rising as they approach retirement.

However, this often means that those wishing to capitalise on that investment are forced to sell their homes and downsize.

As a result, Mr Jackson told Unbiased.co.uk that those able to meet the appropriate age and valuation requirements should look to equity release as another option.

He said that doing so could be advantageous, as it will allow them to avoid the upheaval of moving home while still freeing up “a sum of money to be invested elsewhere for retirement purposes”.

Earlier this month, Saga Personal Finance advised older consumers to consider equity release not as a last resort option, but as a source of capital which they can use to enjoy their retirement years.