Prudential: older homeowners still holding over £700bn in equity

The latest findings from Prudential's Equity Release Index also found that, while the total equity fell by £7.7bn between February and May 2008, between June 2007 and May 2008, it rose by £12.7bn. Keith Haggart, director of lifetime mortgages at Prudential, said: "Although most retired homeowners have seen the value of equity in their homes fall in recent months, it's important that they don't lose sight of the bigger picture which is that despite current falling property prices, in the vast majority of cases retired homeowners have built up a significant amount of equity in their homes...