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Equity release schemes can help people pay off their debts in retirement, a spokesperson from Key Retirement Solutions said today.
Dean Mirfin, business development director at the company, said that around one in three people who use equity release say they do it to pay bills or repay debt.
Having debts during retirement can impact a person`s quality of life, he explained.
"You`ve got a considerable number who still have mortgages into retirement and also a lot with credit card debt and loans, which obviously impact very heavily on their income," remarked Mr Mirfin.
"So … it`s not that they`re desperately short of money, but clearly clearing those debts will have a huge impact on their disposable income."
One of the main types of equity release is lifetime mortgages, which allow the customer to raise a mortgage against their property and receive either a lump sum or regular monthly income. They retain full ownership of their home.
