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Retirees use equity release to help family

Video transcript

A growing number of people heading into retirement or already retired are making use of the equity in their home to help support younger generations.

Research published by Bower Retirement has revealed that as many as one in three people that are making use of equity release are now doing so to help fund deposits for family members.

Bower`s research showed that many older people are being altruistic in their outlook, as the ability of some younger people to afford a deposit for their first home has waned in recent years.

According to the findings, one stumbling block that retirees are facing when contemplating equity release is objection from family members.

For this reason, seeking professional advice regarding equity release is always useful. It ensures all parties are able to move forward aware of the facts figures and risks associated with taking equity out of their home.

Other top reasons for equity release that were highlighted in the research included clearing mortgage debts for other family members, as well as helping to offset other borrowings, such as credit cards.

Increasing income in retirement is also a main reason for equity release for many households.

Chief corporate officer of Bower Retirement stated that many retired people are turning to equity release to top up their monthly income.

She said: `Clearing debts and enhancing retirement incomes remain the key priorities, but with an average [of] £75,000 being released each time, there is more scope to help families.`

The study found that, in many cases, retirees across the UK are using equity release as a form of `early inheritance` for their family.

Property wealth among many older people has increased greatly in recent years, with many hoping to use this additional wealth to enhance the prospects for their whole family.

Equity release can be a useful tool to help unlock thousands of pounds that may be tied up in property.

However, individuals hoping to follow this course should only do so after talking to a qualified financial professional. Only then can they be fully aware of the implications of their decision. 

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