It appears that the recession, and the accompanying tightening on criteria for borrowing may be responsible for a huge uplift in the number of pensioners owning their own property who are releasing cash from their housing by way of equity release. According to a survey from Key Retirement Solutions [financial advisers specialising in selling equity release schemes nationwide], the number of retired homeowners who have chosen to use equity release in order to free up some of the money tied in a property to help out their family, went up by 30% in the first half of 2012 – in comparison with the similar period in 2011. What’s more, Key Retirement Solutions estimate the total amount of property wealth released during that period rocketed up to a huge £446M.
Given the current economic outlook and lack of activity in the housing sector generally, it may be that equity release will become increasingly popular over the next couple of years.
If you have thinking of signing up to an equity release scheme, you will need a good property solicitor – make sure you get the right advice from one of our specialist Salisbury or Andover conveyancing solicitors.