HUB Financial Solutions have conducted research to show the priorities of customers releasing the equity in their home as they grow older.
The research shows that in the 55-64 aged group, 29% put their equity release funds towards paying off their mortgage. A further 12% use their released money to go towards clearing debts.
In customers aged 75 and over, 23% have released equity to provide gifts to family members. Another interesting finding in this age group was that 27% of loans were used for refinancing existing equity release.
We have found that an increasing number of our equity release and lifetime mortgage customers have been contacting us about their existing plans. A lot of people have taken out fixed rate plans a few years ago and now with interest rates so much lower there are great savings that you can make. Some plans also have early repayment charges, but we can work with you to see if it is beneficial for you to swap plans or not. We are here to help you if you have an existing lifetime mortgage.
Whilst these stats are interesting, no two cases are ever the same and we pride ourselves at Viva that we will treat all of our customers as if they were a member of the family. This means that we will give you help and advice totally tailored to you situation and we will even tell you if equity release isn't right for you and why.
Whatever your reason for wanting to release equity from your home, why not contact us at Viva and we will arrange a free, no obligation consultation.