Struggling retirees opt for equity release
Mail on-line have reported on a recent survey which said that one in ten customers who signed up to lifetime mortgages at the end of February was seeking short term cash to boost their retirement income.
Conventionally equity release is seen as a long term option with the money borrowed paid back from the estate when the borrower dies, however, more borrowers are looking to borrow over the shorter term.
Lifetime mortgages through Age Partnership
Tim Loy Chief Executive of Age Partnership commented, “It appears that more clients are looking for an equity release plan for a shorter period. This may be because they are waiting for investments to mature or the housing market to recover when they then plan to pay the debt off. This option has only really been feasible in the past 12 months since Godiva Mortgages, which is part of the Coventry Building Society, launched the first equity release plan to be totally free from early repayment charges for the life of the plan. This has proved to be extremely popular with our clients who want the flexibility to be able to repay the loan within a few years”.
For more details of this lifetime mortgage plan, call one of our experienced advisors on 08080 555 222 or contact us with your query and one of our equity release advisors will be in touch at your convenience to answer any questions you may have.
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