An increasing number of unemployed over 50s are turning to ‘equity release plans’ to free up money from the value of their houses, rather than claim their pensions. Equity release plans allow homeowners in need of cash to ‘release’ some of the value of their property. Evidence suggests that the average out of work 50-something is drawing £55,000 from their home. Interest is charged on the amount taken out and is repayable on death or when the home is sold. According to research by financial advisers, Key Retirement Solutions, a fifth of all equity release plans taken out in the…
No comments:
Post a Comment