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Pensioners warned of equity release dangers
25 September 2008
A new report has warned pensioners of the potential pitfalls of equity release, in which people free up some of the cash tied up in their homes.
Which? reported that many pensioners, pressed by fast-rising costs of living, are opting for equity release to cope with the financial challenges of retirement.
But Which? maintained that equity release schemes could be expensive and inflexible, and could leave people with little or no equity in their property.
A spokesperson for debt management company Gregory Pennington said: “From a financial perspective, many people find that retirement seriously reduces their options. This is why we recommend anyone approaching retirement with outstanding debts to look into debt solutions as soon as possible, and take care of their debts before they retire.
“In reality, retiring debt-free isn’t always possible – but whether retired or not, it’s important not to make any major financial decisions without first seeking impartial, expert advice.”
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