- Wednesday, 14 October 2009The UK population will become increasingly dependent on equity release schemes as the average age rises, it has been claimed.
According to Safe Home Income Plans (Ship), the lure of equity release schemes are becoming increasingly tough to ignore amid low interest savings rates, dwindling pensions pots and increased life expectancy.
People considering unlocking their home's equity in order to cope with money troubles could first consider the alternatives, such as entering into an
individual voluntary agreement (IVA) in order to pay off unmanageable debts.
Andrea Rozario, director general of Ship, said: "Equity release [is becoming part of] mainstream retirement planning, rather than it being a marginalised product that is seen as a last resort."
The comments follow the recent news from Key Retirement Solutions that there has been a 13 per cent increase in the total amount of equity released during the last quarter.
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