People with children make up 85 per cent of those who take out equity release plans, new figures from Key Retirement Solutions has revealed.
According to the report, which analysed data from 1,761 clients, the actual demographic makeup of equity release customers defies the stereotype that the plans are more commonly used by non-parents.
Moreover, Key Retirement Solutions also found that nine in ten of people with children who took out an equity release plan had consulted their offspring before making the move.
When the same question was asked in 2004, just 80 per cent had involved their children in this way.
Dean Mirfin, Key Retirement Solutions group director, said: "The figures reveal that those releasing equity are doing so not only with the knowledge of their children but also with their support to do so.
"We have seen considerable changes in attitude amongst the children of those who look to release equity from their homes and we actively encourage their involvement throughout the advice process. The fact that many plans now also offer inheritance guarantees is also providing comfort for those parents who hold this as a priority, making the decision to release equity more agreeable."
Equity release plans have recently become more popular in the UK, with Key Retirement Solutions experiencing sales growth for each of the first three quarters of 2009.
Posted by Tom Papworth
