Over 50s 'should consider equity release for retirement funds'

A new report has called for over 50s to consider equity release as a potentially versatile means of funding their retirement plans.

Equity release could be a good way for over 50s to fund their retirement plans, according to a new report from the Pensions Policy Institute.

The educational charity has called on older people to ensure they have investigated a finance option which it claims can offer pensioners a versatile means of funding their varying needs.

It highlighted research which suggests that as many as 5.2 million retired households are likely to have enough housing wealth to make equity release a viable finance option by 2030.

Keith Haggart, Prudential's director of lifetime mortgages, therefore advised over 50s to leave aside reservations about potential costs and risks of equity release, suggesting that it can help over people to cover their leisure, travel and health costs.

He said: "The real benefit of equity release is it allows customers to supplement their retirement income to match their individual needs."

This echoes advice from Key Retirement Solutions, which last week stated that older people are using equity release for a number of different reasons, such as paying bills or working on their houses.

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

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