Sitting In A Goldmine _ Equity Release

A recent report from Norwich Union has indicated that people over the age of 60 are in the dark about the value of equity in their properties.  The research surveyed 1,093 people over the age of 60 and found that only 6 per cent of them would consider moving.  

One of the reasons for not moving is the costs involved, which Norwich Union claim the average cost of moving is £9,500, and the other is the length of time they have lived in the property.  Three out of five of these surveyed had been in the same property for more that 20 years.  

However, Norwich Union claim that the value of equities for the over 60s is an amazing £841billion or an average amount of £82,000 which could dramatically improve their standard of living in retirement.  

According to Safe Home Income Plans SHIP, the number of applications that they have received for equity release in the second quarter of 2007 has increased by 16 per cent to 7439.  

Our view

Equity release is a highly emotive and complex area yet it could dramatically improve the lives of many people.  We suggest you obtain professional advice from us.

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