|QUARTER OF PENSIONERS USE MONEY FROM HOMES TO HELP FAMILY
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|Author:||Admin1 [ Wed Mar 09, 2011 1:57 pm ]|
|Post subject:||QUARTER OF PENSIONERS USE MONEY FROM HOMES TO HELP FAMILY|
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.
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