Quarter of pensioners still paying mortgage

The average pensioner taking out an equity release policy to free up some of the cash tied up in their home has debts of £35,991, according to research from Key Retirement Solutions. It calculates paying off debts costs the average pensioner £297 a month, which equates to almost 30% of the typical annual retiree post-tax income of £12,412 a year. The over 80s have even more debt than their sixty-something counterparts, with an average £40,958 outstanding, compared to £29,314. Mortgages make up the biggest slice of the debt with 27% of pensioners still owing money on their homes. ...