Over 50s 'finding numerous uses for equity release'

Equity release is proving a useful way for over 50s to make a variety of different investments, according to an expert.

When it comes to retirement many over 50s are deciding to take out equity release, according to one expert.

Key Retirement Solutions claims people leaving work often dip into their property investments and find a variety of uses for the extra money.

Dean Mirfin, director of the organisation, explained that when giving up work, many people use the revenue tied up in their homes so that they do not need to give up their way of life.

Another option is to use the cash to boost quality of life by paying off bills and debts.

Meanwhile, there is what Mr Mirfin describes as an "aspirational set", who use equity release to embark on something life-changing.

"[They] want to take a holiday of a lifetime or do something to their house and really change their outlook on life as opposed to maintaining it or meeting financial demands," he remarked.

Mr Mirfin made his comments in response to a new report from Prudential, which showed pensioners own some 654 billion in property equity.

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