Older people ‘should take advantage of equity release’

Posted 09/09/2009

Older homeowners have been advised to make sure they are taking advantages of all of the financial options that equity release can provide.

Recent research from Prudential has revealed that over 65s in England, Scotland and Wales have managed to retain combined equity in their properties worth £654 billion.

However, financial adviser Key Retirement Solutions has stated that “a large group” of older people are failing to consider the potential benefits of releasing that equity.

Dean Mirfin, group director for the firm, reminded consumers that equity release can be used as a means of paying bills and mortgage repayments, as well as helping to maintain a consistent standard of living after retirement.

He added that the money could also be used for more aspirational purposes, such as refurbishing a house.

Mr Mirfin concluded that equity release was a financial option with huge potential for “those who really want to do something with their retirement”.