Retired homeowners are increasingly using property wealth to clear unsecured debts and mortgages to strengthen their later life finances, new data from the UK’s leading independent equity release adviser Key shows.
The number of customers using money from their homes to pay off credit cards and loans hit a three-year high of 35% in Q1 2019 which is 5 percentage points higher than in Q1 2018 (30%). In addition, 28% used property wealth to clear outstanding mortgages compared with 21% in 2018.
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