An increasing number of pensioners are having to cash out
on the value of their homes so they can top up their income or pay off debts,
figures suggest. Equity release lending, which lets over-55s access some of the
value of their house, rose 32pc year-on-year to its highest point since 2004 at
£326m, according to the Equity Release Council. The proportion loaned out in
lump sums during the first half of the year rose to 41pc to 37pc, suggesting a
rising number of borrowers who need funds immediately. But soaring house prices
also played a part, because the average value of each loan had gone up more
sharply than the number of new borrowers. Read more on the Daily Telegraph
website.
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