Younger Homeowners Turning to Equity Release
According to new statistics released by Age Partnership, more homeowners aged between 55 years old and 64 years old are taking out an equity release scheme than a year ago.
In the first three months of 2010 44.10% of equity release schemes taken out through Age Partnership were done so by homeowners aged 55-64 years old. This shows a 3.86% rise from the 40.24% of equity release schemes taken out in the same three month period in 2009.
60-64 Year Olds the Most Likely to Release Equity
For the seventh consecutive quarter the 60-64 years old age group was responsible for taking out the most equity release plans, constituting 32.64% of schemes released through Age Partnership. This was almost 2% higher for this age group than in Q1 2009.
Yet the average age of equity release customers for this period was identical to a year ago at 65 years old. This can be attributed to a marginal increase in the number customers over 75 years old taking out equity release schemes. Dan Baines, Sales and Marketing Director at Age Partnership, said:
“These figures show that equity release schemes are enjoying more popularity amongst the slightly younger customers during 2010.”
“This coincides with a general shift in recent times towards debt consolidation as a key motivation for releasing equity.”
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