Debt management could assist equity release-dependent pensioners
Debt management could assist equity release-dependent pensioners
Tuesday 13th October 2009
Research from Scottish Widows indicates that approximately one third of all equity release schemes taken out in the three months to the close of September were done so in order to pay off debts.
The figures represent an increase of a quarter on the previous quarter's numbers.
People that find themselves relying on equity release could consider speaking to a debt management specialist first in order to determine whether or not such a decision is suited to their needs.
Dean Mirfin, group director at KRS, said that equity release offered pensioners the opportunity to maintain the living standards that they are used to amid difficult financial conditions.
He commented: "Pensioners are hard hit by the current climate, experiencing higher rates of inflation and previously unknown low levels of returns on their savings.
"As a result, equity release is providing a strong support for those who want to maintain a good quality of life in retirement."
Equity release schemes are gaining in popularity, with the overall number of adopted plans increasing by 19 per cent between quarters two and three and a 13 per cent rise in the overall value of equity released.
Those considering equity release could find it useful to speak to a professional debt management advisor first.
News article brought to you by Debt1 – UK debt management specialists
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