Prudential has launched a new mortgage plan after a survey by the loan provider found that over half of 50 year olds are in debt and will not have enough money for retirement.
The survey revealed that four out of five people do not believe they have enough saved for retirement while 19 per cent hope for a substantial increase in wages to help them save for the future.
Director for Lifetime Mortgages at Prudential UK, Ali Crossley, said: "We have just launched a new lifetime mortgage at Prudential called the Property Value Release Plan.
"This product is different to some lifetime mortgages because it allows people to draw down money as and when they need it rather than taking a large amount up front.
"Interest is only charged on what customers have taken, so the Pru’s lifetime mortgage can prove much cheaper."
Research by Prudential has revealed that 18 per cent of over-55s have a lifetime mortgage or would consider one.
Retirement property group, Economic Lifestyle, has found that over half a million people of 65 are still paying off their mortgage.
The group said that the trend was worrying and that many people could still be paying off mortgages into their 70s.To read more about Homeowner Loans, click here.
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