Feb 5 2009
Releasing the equity of properties is to become more popular among those approaching retirement, it has been suggested.
According to Mark Gettinby, director of financial services at intune, such people will increasingly turn to this form of financial assistance as life expectancy rises and other forms of support diminish.
He said: "People know they are going to be living longer so they have to look at what assets they've got and for many people who own their home, their house is the largest asset they have."
Therefore equity release will form part of the financial plans of many of those saving for retirement, Mr Gettinby added.
Indeed, figures produced recently by the Lincoln Financial Group suggested that 65 per cent of people polled expected to live to the age of 85 or above.
It was also found that one in ten of those questioned did not expect to have enough money to support them beyond the age of 70.
