mabels.org.uk
http://www.mabels.org.uk/forum/

QUARTER OF PENSIONERS USE MONEY FROM HOMES TO HELP FAMILY
http://www.mabels.org.uk/forum/viewtopic.php?f=3&t=1319
Page 1 of 1

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.

www.keyrs.co.uk

Page 1 of 1 All times are UTC
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
http://www.phpbb.com/