In the last year, clients of Consumer Credit Counselling Service's equity release advice service unlocked an average of £29,983 of capital from their homes to help pay down debts and meet other costs.
Homeowners over 55 contacting CCCS for help last year owed an average of £29,772 on credit cards, personal loans and other unsecured debts. The charity says that increasing numbers of its older clients have released equity from their property as a way of clearing what they owe.
CCCS equity release manager Tom Moloney said: “Many clients are rightly cautious when considering equity release, but with the right advice and guidance this is an attractive solution for some - especially for those who wish to resolve their debt problems without moving home.”
