Over-75s turn to houses for cash

THOUSANDS of retirees are taking cash out of properties as they don’t have enough to live on.

The number of retirees aged 75 to 84 taking out so-called equity release loans shot up 48 pc in the past year.

Equity Release Council figures show 3,400 homeowners took these in the first six months of the year, up from 2,300 last year.

The loans allow over-55s to release cash from their property without making monthly payments. Instead, the interest is rolled up, and the debt is cleared when the borrower dies or goes into care — but it typically doubles every 15 years.

Money Mail has produced an equity release guide, by Editor Dan Hyde, in partnership with Key Retirement. To order a free copy, call 0800 156 0150 or visit