Equity release a 'key source' of retirement income
27/08/2009
Topic: Already retired, Equity release, Investments, Market conditions, Pensions
Pensioner homeowners in England and Wales still have more than £611 billion of equity tied up in their properties, according to new research.
Prudential's Equity Release Index reveals that a further £43 billion of equity is also currently held by property owners over the age of 65 in Scotland.
The retirement specialist believes that property values have started to stabilise in England and Wales and property equity has dropped by less than £43 for those over 65 since February.
Prudential's Director of Lifetime Mortgages Keith Haggart now believes that equity release could offer a solution to some people hoping to boost their retirement income.
He said: "For many people, selling up and downsizing isn't an especially attractive option, and they don't want to face the emotional wrench of moving house.
"Equity release has an important role to play in providing retirement funds particularly when other sources of income are under pressure."
Separate research published by Prudential recently showed that many occupational pension scheme members are failing to check how their retirement savings are being invested.
Written by David Shuker.
Prudential's Equity Release Index reveals that a further £43 billion of equity is also currently held by property owners over the age of 65 in Scotland.
The retirement specialist believes that property values have started to stabilise in England and Wales and property equity has dropped by less than £43 for those over 65 since February.
Prudential's Director of Lifetime Mortgages Keith Haggart now believes that equity release could offer a solution to some people hoping to boost their retirement income.
He said: "For many people, selling up and downsizing isn't an especially attractive option, and they don't want to face the emotional wrench of moving house.
"Equity release has an important role to play in providing retirement funds particularly when other sources of income are under pressure."
Separate research published by Prudential recently showed that many occupational pension scheme members are failing to check how their retirement savings are being invested.
Written by David Shuker.
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