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Friday 11th May 2007
With the current state of pensions in chaos, equity release is becoming an option for more and more senior citizens and apparently, children do not mind if their parents use the family home in this way.
Sarah Horner, spokesperson for Norwich Union, said that although it was important to discuss financial plans with other family members, most children would be supportive of their parents releasing the equity in their homes to fund their retirement.
"People are discussing equity release with their families and nine times out of ten their children are saying: 'You've put the money in to the house, we want you to enjoy your retirement'," she said.
Ms Horner said if people still wanted to ensure a legacy for their children, then they might consider a home reversion plan instead.
"With the home reversion plan, you would actually sell part of your house, so if you wanted to sell 40 per cent, you would still own the other 60 per cent. There would be that split already established from the word go.
"If people want to definitely leave a legacy for their children they might want to go for a home reversion plan, because it guarantees that you will retain ownership of a particular percentage."
Ms Horner concluded: "The main thing we would advise is to discuss it with your family. Most of the time the dependants would be more than happy with it. This is a responsible way of doing it and something that we would say to anyone considering equity release."
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