Pensioners increasingly turning to equity release to boost income

The report, which builds on data issued recently by the Equity Release Council, suggests the total housing wealth paid out through equity release increased by 32% in a year. The Equity Release Council's Market Monitor for Q3 2014 showed the UK's house price boom is making an increasing contribution to improving standards of living in retirement. While most of the money is being spent on leisurely pursuits such as gardening and travel, the report also highlighted that equity release is playing an increasingly important role in paying off debts. Of those surveyed, 33% of customers us...