The value of properties owned by retirees has hit an all-time high over the past three months, meaning there`s plenty of scope for them to consider equity release plans in order to get some extra money if needed for key purchases or additional income.
Key Retirement has indicated that property wealth grew by more than £6.3 billion over the quarter, bringing the total value to £807 billion, the most since the firm started to monitor housing value in March 2010.
On average, each homeowner benefitted to the tune of £1,346 each, although there were some stark differences.
In London, the average increase was in excess of £10,000, but in Wales, the average house price actually fell by £5,000 over the three months.
However, the equity release provider`s Dean Mirfin notes that `even homeowners in areas where prices have fallen still have considerable property wealth considering they own their homes outright and will have seen strong gains [in the past]`.
If you`re thinking about equity release, you could choose First Choice Finance.
We have access to multiple lenders who enable you to release money using lifetime mortgages as an equity release solution.
We will aim to match you up with the most suitable deal for your individual circumstances, looking at options such as making no repayments during the term or paying some of the interest, alongside whether to take the maximum funds out on day one, or do it gradually through drawing down money as you need it.
There`s no obligation to accept any offer of course and we will provide you with a free personalised illustration if you like what you hear.
Find out more about adding a little to your pension or taking out a lump sum to spend on yourself or your family through equity release, by visiting firstchoicefinance.co.uk or calling for on 0800 298 3000 or 0333 003 1505 if on a mobile.
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