Growing numbers of older homeowners are turning to equity release so they can give a financial boost to younger members of their families whose incomes have been affected by coronavirus.
According to equity release provider SunLife, homeowners who unlock some of their property wealth via equity release typically use the proceeds to improve their own lifestyles.
Recently however, it has seen more enquires from those wanting to offer support to loved ones who are struggling with the added financial pressures lockdown has brought.
Simon Stanney, equity release director at SunLife, said: “We have definitely seen a shift in the reasons why people are enquiring about equity release since lockdown started, from the more traditional ‘enhance’ to ‘gifting’.
“I think with so many people suffering financially it’s understandable that older homeowners – who have built up equity in their homes and are in a position to help – will be looking to support family in any way they can.”
OnTheMarket plc (LON:OTMP) provides property search services for buyers, sellers, landlords, and tenants in the United Kingdom.
