Are You Planning to Use Your House Equity in Retirement?
New research by the Equity Release Council has conducted a survey of 2,000 adults which shows that using the equity locked up in their houses is going to play a much larger role in retirees retirement income plans. In fact 73% of people said they intended to unlock some of the value of their homes. In many cases they need to do this, to compensate for the shortfall currently predicted for most pensions, with more than 50% of 55-64 year olds saying that they will need to use their property as equity for payment for pensions. People are doing this with equity release mortgages however it is best to get professional advice when doing this as if you try and unlock the equity too early you may be left with very little later in life. With the long-term growth in the value of property for many people over 50, they have gained significantly over the past 30 years from rising prices, especially in London and the South East. Nigel Waterson who is the chairman of The Equity Release Council, claimed that the figures underline the growing trend for people to use their property as part of their retirement finances. He says that “With such a heavy potential reliance on the equity tied up in UK residential property, it is vital that consumers receive accurate information and access to specialist advice and products which have excellent safeguards. Therefore we are delighted to launch The Equity Release Council which for the first time will look to bring together all aspects of this industry to promote the highest standards of consumer protection and education.”
For more details on how to plan ahead and manage your property assets see their website www.equityreleasecouncil.com
Have you considered using your house equity to fund your retirement?
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