Many over-50s 'planning to use equity release'

Posted: 28 Sep 2011 12:23:15 GMT

A high number of Brits approaching retirement age are viewing their home as their pension.

Many people over the age of 50 are considering the benefits to be had through equity release, new research has suggested.

Carried out by LV=, the study revealed 31 per cent of individuals in this bracket will use the approach to help supplement their retirement income once their working days come to an end.

According to the investigation, people in this demographic claimed around £24,000 has been wiped off the value of their property in the last three years, while falls in the stock market have resulted in 45 per cent of them looking at alternative ways to earn money when they are no longer employed.

Vanessa Owen, head of equity release at LV= - a name that stands for Liverpool Victoria - commented: "Combined with the fact that for many, their home is their biggest asset, releasing equity from a property is an option that an increasing number of over-50s are now considering."
 

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