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Consumers 'using equity to pay off debts'
Posted by Emily Jones
A report by the University of Birmingham for Age UK has revealed that more than a third of equity release customers have used the extra cash at their disposal to help alleviate their debts.
The study - entitled Housing and Finance in Later Life - showed that one in seven over-65s surveyed are in receipt of Pension Credit, with many individuals releasing equity to pay for basic home maintenance.
In total, three-quarters of those who took part in the poll are using equity to boost their financial security, manage their debts or provide a comfortable backdrop to their retirement.
Michelle Mitchell, charity director at Age UK, stated: "Equity release is clearly a useful tool to ease financial pressures in later life but anyone considering it as an option should first seek good quality information and advice."
Previously, research by the Joseph Rowntree Foundation showed that the gap between the minimum wage and the typical cost of living has widened.
07/07/2010 15:23
News category: Consumer