The Sunday Times - Older borrowers turn to equity release as loans are rejected
More older homeowners are turning to alternative money raising options after being told they are too old to take out conventional mortgages or renew deals.
Homeowners must be 55 and over to qualify for an equity release product, but could be as old as 95.
Aaron Strutt of the broker Trinity Financial said: “Borrowers are being turned away from the high-street lenders and are left with few options. This is often pushing them down the equity release route.
“Many of the clients for which we have arranged equity release mortgages have been keen to take advantage of the rapid rise in the price of their homes over the years to support their lifestyles.
“They often also gift a deposit to their children to enable them to get on the property ladder.”
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