Equity release becoming "mainstream"

Thu, 03 Jan 2008

Many homeowners are increasingly viewing equity release as a viable option for managing their finances, it has been claimed.

A study conducted by Newcastle Building Society Equity Release Service found that 45 per cent of people believe that equity release could be a suitable move for them.

Of the reasons given for considering equity release, improving quality of live was the most popular, although home improvements and paying off debts were also cited by those surveyed.

Commenting on the findings, Bob Mottershead from the firm said that equity release appears to be becoming a more "mainstream" option for people.

"It is clear that the work that has been done to regulate and re-educate on equity release is beginning to bear fruit," he remarked.

However, it is "not right for everyone" and so people ought to obtain professional advice, he added.

According to a recent report by Key Retirement Solutions, many retired homeowners could be paying "over the odds" for equity release deals if they choose a product provider instead of seeking help from an independent adviser .
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