Equity release mortgages most popular with pre-retired generation

Equity release mortgages are becoming more popular with people approaching the age of retirement, a new study has shown.

Norwich Union questioned 1,600 people aged between 50 and 66 and found that those approaching retirement were most positive about the benefits of equity release mortgages.

The study found that nine per cent of the 'pre-retired' group said they would probably take out an equity release product during their retirement - compared to five per cent of people who had already retired.

Furthermore, Norwich Union found that around a third of pre-retired people believed that equity release mortgages were a sensible option for older people.

"The research shows there is a generational shift between pre-retired and retired people as more people in their 50s and early 60s are considering the product as a way of funding their retirement," explained Willie Mowatt, director of post retirement products at Norwich Union.

"While equity release may notbe the answer for everyone, for some individuals it can be a simple, convenient path to a more comfortable retirement.

"It is therefore encouraging that there seems to be a growing acceptance of the product as a viable retirement solution."

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