Tuesday, January 12, 2010
Forced into it by low savings rates?
"The number of pensioners unlocking money from their home to repay debt has tripled during the past year, research showed today. Around 35 per cent of retired people who released equity from their home during 2009 did so to repay non-mortgage debt, up from just 11 per cent in 2008, according to Key Retirement Solutions. But the most popular use for the money was to carry out home or garden improvements at 56 per cent, down from 60 per cent in 2008, while 33 per cent used the money to go on holiday and 25 per cent used it to treat or help family and friends".