Pensioners are not cashing in

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ABOUT two thirds of pensioners in the North East are not using their homes to boost their incomes.

Age UK has launched a new equity release advice service to make sure elderly people know all the options available to them.

Latest research from Age UK Enterprises says in the last year seven per cent of respondents had tried or considered ways of generating additional money to live on, with 37 per cent of these having gained work to earn extra cash.

Though not suitable for all, equity release could provide a useful source of income for some.

Research found that of those homeowners over 60, who would not consider releasing income from their home, 27 per cent want to leave their property to a relation while 17 per cent did not trust equity release products.

To download a free equity release factsheet log on to www.ageuk.org.uk/money-matters/income-and-tax/equity-release/ or call 0800 169 6565.