A record number of homeowners aged over 55 are turning to equity release
Older people have turned to equity release in record numbers to support their cash-strapped families through the cost of living crisis.
A record number of homeowners aged over 55 chose to draw cash from the value of their home in the last three months, according to the Equity Release Council, the industry trade body
Between July and September, 13,452 plans were taken out by older homeowners – an increase of 8pc from the previous three months. Total lending to new and returning customers grew by 49pc compared to last year, the trade body added.
Equity release, also known as a lifetime mortgage, allows homeowners to use their properties like cash machines. Homeowners take out a loan that is repaid whenever the owner dies or goes into long-term care.