More over 50s 'showing interest in equity release'

Interest in equity release among the over 50s is on the rise, industry experts have stated.

Over 50s who are considering their finance options are increasingly considering equity release, analysts have revealed.

Safe Home Income Plans (Ship) said this trend has come about partly because low interest rates have heavily impacted on people's savings.

As a result, those who are relying on the money in their bank accounts are facing a "severely reduced" income and are considering other ways of generating wealth.

Andrea Rozario, director general of Ship, noted that factors such as the ageing population have also led to more interest in equity release.

"We feel that this will bring equity release into mainstream retirement planning, rather than it being a marginalised product that is seen as a last resort," she commented.

Ms Rozario also speculated that some older people may be using equity release as a means of paying off debts.

This, she stated, is possible because those aged 60 and above are the fastest-growing group of indebted people in the UK.

To view businesses and services in our Equity Release section click here

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