(1888PressRelease)
August 25, 2007 - That is according to figures from Scottish Widows, which shows that one in five retired homeowners are still paying their mortgage.
The average amount owed sits at a crippling £38,000 and this is leading to real financial difficulties for many people.
"Our research shows that by the time they come to retire a significant number of pensioners still have a mortgage outstanding on their property, adding financial pressure to their hard-earned retirement fund," said Ian Naismith from Scottish Widows.
"It is important for those people who will be reaching retirement in the next few years, and still have debt outstanding on their mortgage, to consider how best to prepare themselves for the eventuality of having to juggle their debts on a reduced income when they stop working."
Many people can avoid the financial squeeze of having to make monthly mortgage payments from their pension fund by cashing in on their property and making a quick property sale.
National Homebuyers is the country's leading quick sale property company and it advises retirees to assess their options.
"Many people are now considering equity release options," says director Chris Newman.
"Our Sell and Rent Back option has seen a massive surge in enquiries over the last six months from people who simply want to release the equity in their property while prices are up, remain living in their home and enjoy the lifestyle they deserve."
National Homebuyers' equity release scheme "Sell and Rent Back" is a simpler version of most equity release schemes and there is no minimum age requirement.
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