31 March 2011

Equity Release Experience

I'm still convinced that Equity Release plans will have an increasingly important role to play in retirement finances. Increasing costs, longer lives, and the reducing value of pension income is likely to squeeze more and more people into thinking about other options like Equity Release.

Sometime the need is to cover the essentials of life, while for others the incentive is is "something extra". Here is LV='s experience of the main reasons why people choose Equity Release:
  • Maintain standard of living - 28%
  • Home improvements - 23%
  • Pay bills / clear debt - 20%
  • Mortgage repayment - 15%
Like every other financial product, Equity Release is not suitable for everyone. It may be suitable for some people only after they reach a certain age, while certain types of Equity Release product may not be appropriate for all - but it is an important tool in the financial planning toolbox.

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