Released on: September 13, 2007, 7:31 am

Press Release Author: Charlotte Burrows

Industry: Real Estate

Press Release Summary: Most people over the age of 55 have finished paying off their
mortgage, according to new research.

Press Release Body: A study by the lender Birmingham Midshires (BM) revealed that
just 22 per cent of over-55s still had mortgages to pay.

Just one in six are still supporting children who live with them, which suggests a
reasonable amount of financial freedom for this particular age group.

\"The saying goes that life begins at 40 but it is interesting to see our research
indicates otherwise,\" said Jason Robinson, BM\'s director of savings operations.

\"This could be down to a number of economic and social factors, such as rising house
prices and people having children later in life, all of which are take their toll on
the age of financial independence.\"

House price inflation over the last two decades has meant that many over-55s who
have paid off their mortgage will be sitting on a significant amount of equity.

Many are able to make use of the value tied up in their homes to fund exciting
retirement activities such as cruises, foreign holidays or even second homes.

Web Site: http://www.nationalhomebuyers.co.uk

Contact Details: Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
0870 979 8118
Fax: 01444 257333
info@nationalhomebuyers.co.uk