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Key Retirement says equity release can ease worries for elderly homeowners

Key Retirement Solutions is highlighting the merit of equity-release schemes following a British Medical Association report claiming that many homeowners are being made ill over concerns about their homes.

The BMA report says worry about being unable to afford the upkeep of their properties is making many homeowners ill and KRS believes this to be a particular problem among the elderly who are often living on low incomes, with six out of 10 pensioners living on or below the poverty line.

KRS&#39s research shows that, due to increasing property values, the UK&#39s retired homeowners have made £596bn on their current homes and says equity release would give them access to this money as either a lump sum or a regular income, helping them to keep up their homes and lifestyles.

Managing director Colin Taylor says 54 per cent of the cash released through schemes last year was spent on home improvements and maintenance.

He says: “Many retired people are sitting on a goldmine but are scraping by day to day, bowed down by the worry of maintaining their properties.”

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