Equity Release Loans Taken Out by People in Their 50’s

Equity release loans are getting even more popular than ever. Due to this financial facility, home owners get the opportunity to supplement their retirement income without the need to make any repayments, because the loan will be paid off in full as soon as the house is finally sold.

According to a recent report from Key Retirement Solutions, an increasing number of people are applying for equity release loans when they are in their 50’s because they lose their job.

Under normal circumstances, people in their 50’s must be getting ready for their retirement by paying off their loan and CC debts and accumulating their savings.

However, a lot of people over 50 in the UK turn out to be not immune to the economic problems that cannot be combated in the country at the moment. Many British people over 50 years of age are losing their jobs and find it impossible to get employed again. Hammered by cruel economic reality and left without their main source of income, many of them are opting for equity release loans to clear their existing loan debts and sustain their living.

Thousands of people in their 50’s who find themselves in a hard economic situation apply for an equity release loan even though they realize all the disadvantages of their decision. After all, when they finally reach the age of retirement, they won’t have the opportunity to benefit from the equity release option again or their ability to use it would be severely restricted.

Dean Mirfin, equity release expert of Key Retirement Solutions, confirmed that there was an increase in the number of equity release applicants who had not reached the age of retirement yet. He explained that although Britons in their 50’s are supposed to be approaching the final stages of securing their finances in retirement, many of them had to resort to equity release credit facility due to redundancy.
 


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