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Home  »News  »Finance News

Retirees choosing equity release to help their children

04/08/2009

There has been an increase in the number of retirees taking out equity release plans to help their grown-up children get a foot on the property ladder, according to Key Retirement Solutions. According to a recent Independent article, the firm has seen the number of people taking out the schemes to help their children with property rise to 36 per cent from 25 per cent two years ago. Dean Mirfin, a director at Key Retirement Solutions, told the newspaper: "Parents either seeing their children faced with not being able to get a mortgage or being stuck on expensive deals are acting to free up cash to give to them." He added that in effect, some grown-up children are being handed some of their inheritance early to tide them over the credit crunch. Baroness Patricia Hollis said recently that the government should make equity release a core part of retirement funding planning. Get a free equity release guide and find out how you can get some additional income

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