Get equity facts first
01/11/2005
Thousands of cash-strapped pensioners are being failed by the pensions system and turning to equity release to make ends meet, warns Age Concern.
New figures reveal the charity's national helpline dealt with a record 3,600 enquiries about equity release last year, making it one of the most common issues raised by callers. These figures come as Age Concern launches its new book Using Your Home As Capital 2005-06 - a must-have guide for anyone considering equity release to boost their retirement income.
Many pensioners are cash-poor and asset-rich because of the value locked in their homes. Interest in equity release schemes has rocketed amongst this group as they see it as a way to top-up their pensions and meet day-to-day living costs.
Recent industry figures suggest that as much as £5 billion a year will be borrowed through these schemes by 2010, up dramatically from the £1.2 billion borrowed in 2004. Moreover, new research by Age Concern shows that a massive 40% of people are worried about their retirement income.
Using Your Home as Capital costs £4.99 (+ £1.99 p&p) from the Age Concern bookshop at ace.org.uk or 020 8765 7200.