Demand for equity release reached its highest level since 1998 in the final quarter of last year, suggesting that the trend could continue on into 2014.
Figures from the Equity Release Council (ERC) show that the average homeowner borrowed just under £61,000 (£60,938) in the final three months of 2013. That left the average for the year sitting at a little below £57,000 (£56,917), up 26 per cent in the past five years.
Nigel Waterson is the chairman of the ERC and he remarks that "£60,000 is barely a quarter of the value tied up in the average property, yet it can make a world of difference to many people in their later years".
He adds that "for some, that can mean clearing debt white for others it means having more room in their budget to pay for extras or simply cope better with day-to-day costs".
These extras could take a number of forms, whether you want to go on that dream cruise that you`ve always promised yourself, help buy treats for the grandkids or help your children pay for a deposit on a new property.
There are lots of things to consider when entering into equity release and it may prove to be a bit overwhelming if you try to sort it all yourself. In terms of looking at lifetime mortgages if you come to First Choice Finance we will work with you to find a lifetime mortgage from our panel that meets your requirements, we will give you the facts and figures without obligation and you can then decide if you want to go ahead.
Find out if you can get the money you want through our equity release options by giving us a call on 0800 298 3000 on your landline or 0333 003 1505 from a mobile, otherwise visit firstchoicefinance.co.uk and we will call you.
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