According to Bridgewater Equity Release the top five uses for the released cash for home reversion sales and further advances throughout 2010 were:
1. Repay mortgage: 43%
2. Home improvements: 31%
3. Consolidate other debts: 27%
4. Travelling: 19%
5. Buying/repairing a car: 12%.Bridgewater’s customers’ were allowed to detail more than one intention for the cash they released from their home.
We asked Jennie Gray, independent financial adviser and equity release expert, for here comments: Jennie said, “There are more and more UK consumers reaching retirement age with a mortgage still outstanding, sometimes this is due to an endowment policy having a shortfall or the fact they have increased their mortgage at some point and not increased the endowment or taken it on a repayment basis. It is very worrying for pensioners in retirement to pay mortgage payments so it does not surprise me to see that repay mortgage is number 1″.
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