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|Years||To clear mortgage, loans or debt||Home & garden improvements||Treats / help for family and friends||To top up current income|
Figures correct as of November 2019
Since 2002, LV= served 14,183 equity release customers and lent £1.18bn.
Over the past four years, the equity release market has grown significantly as more versatile products have been introduced to meet changing requirements of customers
However, it is striking how the reasons why people are using equity release are changing. With pension income often being less than hoped for and high levels of consumer debt, an increasing proportion of customers are using the equity in their homes to pay off loans and outstanding mortgages. For customers with interest-only mortgages having no means of repaying them, equity release would be one option as people have the added security of still living in their home until they die or go into long-term care.
Helping grandchildren with deposits for their first home or the costs of higher education are just some of the reasons why an increasing number of our customers use equity release to help friends and families.
Equity release is proving popular with women for a variety of reasons. More women are retiring with relatively small pensions due to the fact that they generally live longer than men, earning lower wages and rising divorce rates for the over 60s.