Retirees use equity release to help families
31 per cent of retired homeowners have released equity from their property to help family members struggling with their finances, according to new research.
Latest analysis from equity release adviser Key Retirement Solutions has shown an 8 per cent increase in retirees using equity release in order to provide families with additional financial support in the first six months of the year compared against January to June 2011.
In many cases equity was released to help loved ones clear debts or to use toward the deposit for a new property.
Over 55’s releasing equity to clear their debts dropped 6 per cent year-on-year.
Dean Mirfin is the Group Director at Key Retirement Solutions:
“Retired homeowners are putting families first as the recession continues to squeeze finances across generations.
“Helping out family is a powerful motivation for elderly homeowners and is it striking that they feel financially secure enough to help families before themselves and are under less financial pressure from their own debt.”