Growing numbers use equity release to pay off debts

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Evidence from Norwich Union suggests more baby boomers are turning to equity release to repay their debts.

Figures released today show equity release is being used to fund ‘lifestyle’ choices by those under 70, indicating a different attitude to debt among this age group. A survey of 250 Norwich Union customers’ reasons for taking out an equity release plan found one in ten use equity released from their home to repay debts. A similar survey conducted in June 2006 found no customers cited debt repayment as a reason for using equity release products. Dominic Fraser-Smith, group manager of Norwich Union, comments: “The research also backs up suggestions that more and more people are struggling ...

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