30 per cent rise in equity release

The first half of 2010 has seen equity release levels rise by 30 per cent, according to new figures.

Solicitors Goldsmith Williams' stats will come as a huge boost for the equity release market and could encourage more older homeowners to consider taking out a scheme.

If the news has left you wondering about equity release, check out an online equity release calculator to see how much money you could extract from your home.

Goldsmith Williams' figures also show that 25 per cent of those surveyed now use equity release as a way of repaying existing mortgages and consolidating debts.

Richard Espley from the solicitors remarked that debt and not making adequate pension provision were two of the main drivers for those turning to equity release plans.

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