OAPs are using their homes to top up retirement spending

Older British homeowners are withdrawing nearly £6 million worth of property equity every day to bolster their retirement spending.

Retired homeowners withdrew a record £2.1 billion of housing wealth last year using equity release, according to figures from over-55s financial specialists.

Equity release allows you to unlock the spare equity in your home and turn it into cash that you can spend today.

The equity release market has doubled over the last two years highlighting how property wealth is making a huge contribution to retirement planning. The average customer raises £78,000 to boost their spending power as savings rates continue to stagnate.

Pensioners are using equity release to improve their homes, go on holiday, support younger family members, clear debt and fund everyday spending.

They have been helped by spiralling house prices, which allows them to raise more money from their property.

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Written by: Houseladder