Families play bigger role in equity release
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Some 90% of equity release customers are now involving their children in the advice process before opting for a plan, research from Key Retirement Solutions reveals.
KRS found that out of 1,761 of its customers who released equity during 2009, 90% involve their children in their decision on whether to release equity from their homes.
Five years ago 80% of equity release customers involved their children in the decision-making process.
KRS also found that one in six customers also have someone else present when they consult with an adviser, usually one or more of their children.
Dean Mirfin, group director at KRS, says: “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.”
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