The research, based on 1,761 customers who have released equity from their homes during 2009 with Key, shows that the vast majority of those with family involve them in the decision process. Of those with children, 90% have discussed their plans with them prior to proceeding with an equity release scheme through Key.
Dean Mirfin, Key Retirement Solutions group director, said: “It is good to see the high level of involvement of the family in the decision making process as they can prove to be a good sounding board when equity release is being considered by their parents. Knowing that such a high percentage are involved also further reflects how supportive children are in wanting their parents to have a financially secure retirement. The fact that so many involve the children will also ensure that there are no surprises in the future when estates are being settled.
“Ensuring that children or other relatives are able to attend appointments throughout the advice process we believe is of paramount importance and these latest findings show, with 1 in 6 having someone else present, that those who want the family to play an integral part in this important decision are able to do so. This is one of the greatest benefits of providing face to face advice.”
