Monday 20th of April 2009
Seeking advice is important for those who are in debt due to mortgages and other commitments, it has been noted.
Chris Tapp, director of charity Credit Action, made the suggestion following findings by Key Retirement Solutions, which revealed that one in three pensioners still owe money for their homes.
Equity release was one method recommended to those who want to reduce the burden, although those who are unable to turn to this solution may wish to consider seeking IVA help.
According to Key Retirement Solutions, the number of people over the age of 65 who used equity release to lower their debt increased by nearly 40 per cent last year.
And Mr Tapp remarked: "For those millions already struggling with mortgages and other debts in retirement it is essential that they seek out good advice on the solutions available to them."
Earlier this month, Safe Home Income Plans called for homeowners to be given greater freedom to release equity from their property.
