Whilst Equity Release can be used to repay debt, it can be used for so many other reasons. As increasing number of people are using it as a method to help other family members and, as published by Key Retirement recently, the amounts vary considerably with 44% of clients gifting around £20,000:
Last summer Key Retirement published research showing that more than two-fifths (44%) of those unlocking equity to pass on to family members were gifting £20,000, 18% were paying out more than £50,000, and 6% more than £100,000. It found that where they were helping someone get a foot on the property ladder, the average amount contributed was £33,350. “Many retirees don’t relish the thought of their children and grandchildren going without, and are happy to step in to ease the financial pressures on families just starting out,” the firm said.
(The Guardian – January 2017).
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