Equity release can offer a good solution for alleviating the burden of personal debt repayments, a borrower has said.
Linda Henshaw, a 61-year-old carer, said that she is now "mortgage and debt free" as a result of taking out a plan.
Speaking to the Daily Mirror, Ms Henshaw said that she first considered equity release after struggling with her £300 per month loan repayments.
After first considering alternative budgeting strategies, she unlocked £25,000 of equity from her home and used most of the money to pay off her outstanding debts.
"I have two daughters who were happy with my decision, too," Ms Henshaw told the newspaper.
"They just want me to be more comfortable."
Figures released earlier this week by Key Retirement Solutions show that 36 per cent of customers taking out equity release plans over the third quarter of the year intended to use the money to reduce debt repayments.
Posted by Claire Ford
