Post new topic Reply to topic  [ 1 post ] 
  Print view

QUARTER OF PENSIONERS USE MONEY FROM HOMES TO HELP FAMILY
Author Message
PostPosted: Wed Mar 09, 2011 1:57 pm 
Offline

Joined: Tue Mar 10, 2009 1:21 pm
Posts: 1457
Location: Hampshire
Almost a quarter of pensioners have used money they unlocked from homes to help their families, a survey has indicated.

The pensioners gave an average of more than £23,000 each with common uses including helping children clear debts and helping them buy a house or a car, according to equity release adviser Key Retirement Solutions.

Family weddings, holidays and grandchildren's university funding are other areas in which the unlocked money was made use of.

Around 23% of people who took out an equity release scheme last year used some of the money raised to help their families, with handouts ranging from £2,000 to £262,000 in one case.

The group, which analysed the cases of 1,265 people who took out an equity release scheme in 2010, estimates that £147.5 million of the total £922 million released from properties last year went to help out other family members.

Pensioners who have lost their partner were more generous than those who were still part of a couple, giving cash gifts averaging £30,100. Couples on average handed over £20,258.

www.keyrs.co.uk


Top
 Profile  
 

Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to: