Many people over the age of 65 are suddenly finding themselves property rich but money poor. With people living longer on average some are choosing to equity release products to pay off debts and mortgages. 27% of people in 2019 used equity release to clear their mortgage, loans or debts. The equity release product has seen four years of growth in the market. Ironically it is grandparents of this age who are feeling the need to help family members, to get onto the property market use this product. Seeking professional financial advice could help you to manage your finances more effectively.
