Equity Release: to Be or not to Be?

A recent article published by the Daily Mail newspaper suggests that UK pensioners, although being cash poor, are property rich.

Statistics suggests that the total amount of money tied up in the homes of UK pensioners is over £765 billion. Of this, over £900 million has been released by 20,000 people.

Commenting on the figures, Key Retirement Solutions, UK-based specialist advisor on equity release, said that 60% of pensioners used the money on home and garden improvements. Others spent it on paying off debts and trips. Mr. Mirfin of Key Retirement Solutions, however, mentioned that many Brits prefer not to use equity release schemes because they want to pass their properties over to their children. "Particularly in the current economic climate, many people want to give children or grandchildren some of their inheritance now when they most need it," he said.

E1buytoletmortgages suggests that you contact Key Retirement Solutions prior to making a decision on release of equity. A free copy of the equity release guide is available upon request.