Could equity release help elderly people with large outgoings?

Equity release schemes may become increasingly popular among elderly people, as one expert has claimed older individuals are struggling financially more than other members of society.

Founder of CashQuestions.com Annie Shaw explained how everybody is "feeling the pinch", but the majority of things rising in price as a result of inflation tend to "affect older people much more".

For example, it was suggested those aged over 60 are more likely to have a lot of outgoings such as food, domestic fuel bills and mortgages.

Whereas, younger people are more focused on electrical goods which tend to have become cheaper since the recession, Ms Shaw claimed.

In order to lower the chance of financial problems, the specialist recommended reviewing outgoings so individuals ensure they are getting the "best deal on everything".

Equity release may be one way elderly individuals can avoid spending their savings on living costs, which was recently noted as an increasingly common trend by director of Chapters Financial Limited Keith Churchouse.

Ashall Glover Financial Services advising on equity release schemes

Posted by Edward Simpson