propertytalk Live! - Homeowners don't use homes for retirement income

propertytalk Live! - Homeowners don't use homes for retirement income

Two-thirds of people aged 60 and over own their homes outright, yet of these just over a third (34%) rely on the state pension as their main source of income.

For some, an equity release plan could provide an additional income which can help make their retirement more comfortable – yet over 90 percent of homeowners aged 60 and over say that they would not consider the option.

To help more homeowners consider a potential source of additional income, Age UK Enterprises has launched an Equity Release Advice Service in partnership with Just Retirement Solutions.

Gordon Morris, Managing Director of Age UK Enterprises said: 'Many people reach retirement and realise that the state pension will not provide the comfortable lifestyle that they had hoped for. During their working lives, they will have worked hard to pay off a mortgage and it may be that when they retire, their home can be used to supplement a meagre pension.