Equity Release Is a Family Affair
It would appear that the much maligned myth of homeowners taking out equity release schemes in isolation isn’t true after all. This is after it emerged that 90% of homeowners considering equity release as a way of improving their lives discussed such an option with family first.
One In Six Equity Release Meetings Have Family Present
The research, which was based on 1,761 customers who took out an equity release scheme with Key Retirement Solutions in 2009, showed that 90% of those with children discussed this option with them and one in six had someone present at the sales meeting.
The obvious benefit of this is to eradicate any unwanted future confusion about inheritance but it also points to children wanting to see their parents enjoy their retirement to the full. Andrea Rozario, Director General of SHIP – the UK’s trade body for equity release product providers – recently commented that, “67% of people would rather enjoy life than worry about leaving an inheritance,” which suggests that open channels of conversation between parents and their family are important. This high number of homeowners doing just that encourages an educated market.
Involving the Family in Equity Release Discussions is Vitally Important
Simon Warhurst, one of the directors of Age Partnership, said: “Involving the family in any discussions about releasing equity is strongly encouraged by Age Partnership as it ensures that there are no surprises regarding inheritance in the future.”
“The fact that families are involved in some level of discussion and often actively encourage their parents to go ahead with an equity release plan shows how an increasing number of children are more concerned with seeing their parents enjoying life than they are with simply trying to maximise the inheritance that they will receive in the future.”
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