This survey by Key Retirement Solutions (KRS), the leading IFA specialising in equity release, which is believed to be the most exhaustive of its kind, also showed that:
· 72% of families were positive and supportive of their relatives' decision to release equity from their property with only 1% disapproving and 2% unhappy.
· 62% of those who consulted with family said that their children believed that their parents' well being was worth more than an inheritance.
· Some family members also benefited from their relations decision to use equity release with 6% of customers using the cash to help their children on the property ladder, 7% using it to visit family or friends and 2% using it to help their children set up a business.
Dean Mirfin, Business Development Director, Key Retirement Solutions commented, "As the UK's largest IFA for equity release we are in a unique position to monitor the opinions of customers over time and this major survey provides a unique insight into the views of those who have purchased plans in the past five years.
"We actively encourage our customers to discuss their decision to use equity release to boost their retirement income with their families and are therefore delighted to see that the majority of those who take out these plans do so having consulted them and with their full support.As an IFA one of our key goals is that our customers receive the best possible advice for their situation and they are completely happy with their decision. We have found that the majority of clients who consult with their families are comfortable with the choice they have made.
"Within the survey, customers also expressed long term satisfaction with their decision to take out an equity release plan with 91% of those who took out a plan 2 - 3 years ago still satisfied with their choice.
"It is often difficult for people to discuss financial matters, especially those which touch on inheritance, with their families. However, with six out of ten people believing that their parents well being is more important than a legacy, equity release is an option which retired homeowners could consider.
"This product is however not suitable for all retirees and people need to discuss all their options and alternatives with an independent financial adviser before choosing this route."
