Is Equity release used to help relatives out?

Is Equity release used to help relatives out?






Is Equity release used to help relatives out?

Is Equity release used to help relatives out?

 



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Is Equity release used to help relatives out?

Video transcript

More than a third (35 per cent) of over-65s have paid off debts in excess of £2,000 for their children and grandchildren, and equity release is one way that the elders of the family may be raising money to help offspring with their financial burden.

The figures from MetLife also show that a quarter (26 per cent) of people in the 55-to-64-years-old bracket have taken similar steps, as the Bank of Mum and Dad-or Gran and Granddad-has kept bailing out their younger relatives.

However, Dominic Grinstead-MetLife`s UK managing director-is concerned that the older generations `are having to make sacrifices to help out and risking their own financial security to enable children and grandchildren to clear debts`.

He adds that `retirement income solutions need to be flexible enough to enable savers to cope with emergencies or financial shocks because it is guaranteed there will be surprises once you retire`.

So if you are considering equity release you should check out all the implications and get some advice first. Yes sometimes you can take tens of thousands of pounds out of your property either to supplement your pension income or you could use that to help your younger relatives, but equity release schemes charge interest and are secured on your home or involve your lender taking a share of some or all of your property.

At First Choice Finance, we`ll identify the most suitable equity release lifetime mortgage plan for you from our panel of lenders and give you the figures to make your own mind up.
Discover more about the equity release options we can offer by visiting firstchoicefinance.co.uk or calling us on 0333 003 1505 or 0800 298 3000 from your landline telephone.
 

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



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First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014-2018.


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