Over 55 equity release to help family or friends
Many of us hope to help our children, grandchildren and friends through our estate – but with over 55 equity release you can help them now, so you can all share their enjoyment of your financial support.
Over 55 equity release through home reversion and lifetime mortgages can be used to help family and friends in almost any number of ways, including:
- Paying school or university fees
- Getting onto the property ladder
- Home renovations and extensions
- Starting up in business
Equity release for the over 55s also provides the option to make interest payments on the mortgage so the amount your family or friends eventually inherit isn’t reduced further.
Case study: helping grandchildren onto the property ladder
A couple in their 60s came to us because their two sons, aged 22 and 25, wanted to buy a flat together. Both of them were working, but they had no deposit. We serviced an equity release mortgage for the couple that provided the £45,000 deposit their sons required to buy their first home, with the sons able to make the interest payments on the mortgage so their inheritance isn’t reduced further.
We did it!
We used equity release to help our loved ones
‘I wanted to release equity to provide funds for my grandchildren’s future as a form of inheritance tax planning and 55Plus Equity Release helped me do this. Our advisor explained everything to me; I myself am an accountant, so I was already aware of quite a lot of what she was going to tell me, but nevertheless it was good to have my thoughts confirmed and the various possibilities and pitfalls explained to me. We very quickly got on well with her and she then supplied us with quotes and recommendations and we eventually made our choice.
I would recommend 55Plus Equity Release to others. My contact with the advisor and therefore 55Plus Equity Release was very good. I was fully satisfied with the service I got and have absolutely no reason to doubt that they would provide anyone else with anything but a first-class service.’KB, successful over 55 equity release scheme applicant, Harpenden, Hertfordshire