KRS warns many elderly still on poverty line

Key Retirement Solutions warns that despite the property value of retired homeowners rising by £148bn over the past 12 months, too many are living close to or below the poverty line.

The IFA says that as house prices continue to rise, more pensioners are becoming equity rich but cash poor, and are using equity release to unlock their wealth.

It says that the equity release market has experienced rapid growth over recent years, with a growth of 86% in the first half of this year.

Colin Taylor, managing director of Key Retirement Solutions, says: “The advantage of equity release schemes is that they enable the homeowner to unlock some of the equity in their property, without the need to put up a &#39for sale sign&#39 at the front door and move home.”