The Equity Release market has continued to give the over 55’s options
We have seen an increase in the number of equity release applicants looking to provide money to relatives as a result of the COVID 19 following its impact on family finances.
The majority of older homeowners decide to opt for equity release in order to meet their financial needs, with many borrowing to boost income or provide for things such as holidays, purchasing a holiday home, home improvement, clearing a mortgage or other debt or funding other purchases, like a new or vintage car for instance.
We also find equity release borrowers are frequently setting aside money from the release to help their children and grandchildren for things like, getting onto the property ladder, helping with funds for their business, paying for weddings or helping with university fees amongst many things.
I’m expecting enquiries to continue to grow/boom as moreover 55’s decide that they not only want to change their own lives but also help their family by unlocking money from their home using a Lifetime Mortgage.
Providing cash to their children to help fund business following the difficulties during the COVID19 period and also helping with deposits so their children can get onto the property ladder or even to be able to make that next property purchase, having a growing family requiring a larger property.
For more information about your equity release options, please contact Chris at Blue House Equity Release today