Lamport Bassitt Solicitors - Legal News - Equity release may be option for debt-laden pensioners


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Equity release may be option for debt-laden pensioners Those looking for an insolvency lawyer to may have to resort to equity release if they find they are struggling to pay for healthcare in later life. Dr Ros Altman, director-general at Saga, suggested that homeowners with little savings and debt problems may end up having to borrow more money against the value of their home. She explained that councils sometimes offer fee-free interest free equity release schemes but are making it harder for people to gain access to the delayed payment plans. "If one has to pay for health or retirement care in later life, then this can be very expensive. Without significant savings in the bank or a very large pension income, people will need to find another source of funding to pay for care," Dr Altman said. New figures from the corporate and personal insolvency trade body R3 recently showed that nearly half of individuals are currently concerned by their debts, seven per cent more than the previous year. Posted by Georgina Price Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News