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?
Latest posts by Silverhairs editor (see all)
- How to look like a pro when you’re tasting wine - May 14, 2014
- Mid-life Crisis … I Don’t Think So! - September 12, 2013
- Beet(root) Dementia! - December 24, 2012
- Over 50’s Rowing for Fitness - August 1, 2012
- Volunteer travel … See the World and Make a Difference - June 21, 2012
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!