Age UK highlights equity release use to clear debt

07 July 2010

Three-quarters of the UK's equity release customers are using the value of their property to increase their financial security and pay off their debts, according to a new report.

Homeowners aged over 55 years can find out how a lifetime mortgage could boost their retirement funds by using the equity release calculator provided by Key.

According to the research by national charity Age UK, a quarter of those utilising the value of their property use the money for gifts to loved ones or for large one-off purchases.

Michelle Mitchell, Age UK's charity director, said: "The ageing of our society is a triumph of modern life yet brings with it some real challenges.

"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."

By contacting Key for equity release advice, homeowners can find out how the value of their property could provide them with a tax-free cash lump sum.

Posted by Claire Ford