Over 50s equity release 'increases'

Over 50s have been increasingly turning to equity release in the past three months to help them finance their lifestyle needs, according to new research.

Statistics published by Key Retirement Solutions have revealed that over 50s are releasing more equity now than at the start of the year, with the number of new plans increasing by nine per cent and lending up by three per cent.

The most popular reason for releasing equity remains for funding home improvements, but more over 50s are now looking to use the money to help the family or clear debts and bills than in 2008, demonstrating the effects of the recession.

Dean Mirfin, director of Key Retirement Solutions Group, said: "The results for quarter two over quarter one are encouraging and we believe that the demand for equity release will continue, and following this turbulent period will exceed previous business levels."

The increased use of equity release to pay for common living expenses reflects the findings of retirement solutions company MGM Advantage earlier this week, who suggested that average household expenditure for older homeowners is on the rise.

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

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