Unsurprisingly, perhaps one of the main reasons historically that clients have taken equity release is to assist members of their family financially. Often, it has been to help children or grandchildren with the deposit for a new flat or house and sometimes to give financial support towards further education. Equity Release is attracting a lot more attention as a means to relieve the financial pressure on lives caused by the effects of Covid-19. Nevermore has ‘financial security’ for families been a bigger priority.

The data shows that 20% of those considering equity release say that the recent pandemic’s impact on their broader family’s finances has meant that they are more likely to take out an Equity Release product. Most parents want to leave their children some financial legacy when they pass on; many now feel the priority is to help now not later. They would like to do so without depleting their pension incomes or savings.

With the right product, you could free up wealth in your property to find that deposit for a child or grandchild’s first home or more importantly, help a family member with some much-needed financial support. Equally; Equity Release could be a solution to enable more significant care support for parents.

Remember, Equity release is not right for everyone, but some important family needs could be met with careful, focused planning and of course; competent professional advice. Equity Release Scotland will provide you with a free, no-obligation consultation to discuss your options with no commitment to proceed. In this friendly chat, we can look at your situation, objectives and perhaps make some recommendations.