Mortgage News
Customers urged to consider equity release
Key Retirement Solutions (KRS) has urged customers to consider equity release as a way to repay debt.
Research from the equity release adviser has revealed that debt repayment can free up almost £500 per month for pensioners.
The survey, based on 1,761 KRS customers who have released equity this year, finds the average net income for those taking out an equity release plan between January and August 2009 is £1,299 per month.
Repaying debt can release on average £494 in monthly income for these people with the equivalent average increase in disposable income being 38%.
Dean Mirfin, group director of Key Retirement Solutions, said: “For many a solution, to help increase income through debt repayment, is equity release. A £494 increase in disposable income no doubt will have a considerable effect on the quality of life for many if not all UK pensioners who are servicing different forms of debt.”
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