Equity release for anxious over-55s

Posted in General

19th May 2010

People over the age of 55 are extremely concerned about future tax rises and the cost of living increasing, meaning many could turn to equity release to ease their financial problems.

New research from Aviva shows that over a third (35 per cent) of people nearing retirement are actually more concerned about tax changes than the death of a partner.

The main cause for concern is that people in this age group have a fixed income, so any additional increases would affect them acutely.

However, equity release could give them an additional income which could help them have a more comfortable retirement.

Aviva's stats also show that the average amount of mortgage equity in the age group’s homes is over £225,000 (£225,224), which they could extract through a home reversion plan or a lifetime mortgage.

The views expressed in these videos are those of ReelContent alone. They may not represent the views or opinions of Age Partnership or its staff. RealContent acts in a journalistic capacity and is not authorised to give advice under the Financial Services and Markets Act 2000. The information contained in this video is intended for information and interest only, and not to either provide advice to, or to address the particular requirements of any individual.