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KRS Market Monitor 2010
PENSIONERS HOME IN ON HELPING FAMILY
Equity release sales soar by nearly a fifth to £216.9 million, KRS Equity Release Market Report shows
The full report can be viewed at: http://www.keyrs.co.uk/media/MARKET-REPORT-Q1-10.pdf
Retired homeowners are increasingly using equity release to help family as the housing market recovery boosted cash released to £216.9 million in the first quarter of 2010, leading independent equity release adviser Key Retirement Solutions says.
Pensioner debt burden is nearly £36,000
And making repayments on the debts takes an average £297 a month bite out of pensioner income – on the average retired household income of £12,412** a year after tax that equates to nearly 30% of income going on debt repayments.
The total mounts up from mortgages, loans, credit cards and overdrafts. The research, based on 3,501 customers who released equity from their homes during 2009, reveals the debt burden being faced by some of today’s retirees. The results also show that the over 70’s carry a greater level of debt than the over 65’s with an average debt of £40,958 compared to £29,314.
