Equity release is becoming ever popular as a way to increase retirement income with many over 55s benefitting from their houses growing in value by releasing some of the cash tied in their home. New data from the Equity Release Council (ERC) detail how many people are considering and taking out this option, with equity release lending yet another record high.
The ERCs figures state that forthcoming and current retirees withdrew a total of £701 million from their homes between April & June 2017, the highest single quarter on record – a rise of 36% on the previous year.
Drawdown remains the most popular equity release product type – 68% of new customer chose this option in the last quarter.
If you are considering equity release and what to know more, contact us today!
Source: https://m.moneyfacts.co.uk/news/retirement/equity-release-lending-hits-another-record/
