Equity release has for a long time been considered by many as a preference for those who do not have children, who ultimately are not concerned about leaving an inheritance. New research from Key Retirement Solutions, the UK’s number one specialist equity release adviser, shows that those with children actually make up the vast majority who are releasing equity from their homes.
The research, based on 1,761 clients who have released equity through Key Retirement Solutions during 2009, reveals that 85% of those releasing equity have children. Key’s findings also show that the children are very much involved in the advice process with 90% of clients involving the children before they went ahead with a plan.
The figures show an increase in those involving their children from 80% five years ago. The latest findings suggest that along with the increased involvement comes greater support. Not only do many discuss their plans with their children, 1 in 6 also have someone else, usually one or more of their children, present when they consult with an adviser.
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.”
For anyone looking to release equity from their home to help ease the financial burden in retirement, key’s independent guide to equity release is the best place to start. This can be obtained by calling 0800 531 6010 or visiting our website www.keyrs.co.uk/free-guide where the guide can be downloaded.
