Equity release could help mend the financial repercussions of a broken heart

Published: 09/05/2013

As the number of couples divorcing in their sixties increases, equity release could help ease the associated financial pressures.

According to the Office of National Statistics, the proportion of couples going their separate ways in their sixties has increased by 58 per cent.

The breakdown of a relationship is never easy, not only emotionally but financially too. This is particularly difficult if the couple share a property and one wants to remain in it and needs to buy the other out. However for older homeowners, given the limited financial options available to them, this could present even larger complications.

Equity release could be one way in which an older divorcee can raise the necessary funds to buy their ex-partner out of the property.

Equity release allows a homeowner to release funds from their property whilst retaining the right to live there.

Latest figures have revealed homeowners have collectively released over £230million in equity during the first three months of the year. The average amount released is now £55,985.

Content correct at time of publication