Debt problems drive growth in equity release

Homeowners over 55 contacting CCCS for help last year owed an average of £29,772 on credit cards, personal loans and other unsecured debts. The charity says that increasing numbers of its older clients have released equity from their property as a way of clearing what they owe.

CCCS Equity Release manager Tom Moloney said: "Many clients are rightly cautious when considering equity release, but with the right advice and guidance this is an attractive solution for some – especially for those who wish to resolve their debt problems without moving home."

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