Equity release is often touted as an option for older people who are asset rich and cash poor, as it allows homeowners to free up some of the value tied up in their home to use as they wish. And as those reaching retirement age continue to live longer than previous generations there are many reasons why they might need this capital. David Burrowes, chairman of the Equity Release Council, the industry body for the sector, says: “Equity release allows homeowners aged 55 and over to withdraw wealth tied up in their property without having to sell up or move house."
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