Single over 50s 'increasingly turning to equity release'

The over 50s equity release market has seen increasing activity from single people, according to a new report.

Statistics published by the Equity Release Solicitors' Alliance have revealed that 39 per cent of those releasing equity in 2009 are single, compared to 28 per cent in 2005.

In addition, women remain almost twice as likely to take out equity release as men, with 64 per cent of customers for such products being female.

According to the body, the figures could be explained by the fact that single over 50s women are more likely to live longer and wish to maintain independence, making equity release a potentially useful option.

Claire Barker, ERSA chairwoman, also reminded any homeowners wishing to release equity to ensure they first seek financial and legal advice to make sure they are aware of their obligations.

This echoes advice provided by Key Retirement Solutions last week, which stated that obtaining advice on equity release can also help over 50s to gain access to the widest range of products.

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

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