Equity release rising in popularity. Key’s Market Monitor Report reveals all

Key Retirement Solutions Market Monitor Report 2011 gives us an overview of the equity release market and what trends are being picked up.

The report was released just yesterday and showed some very interested figures as to why people take out an equity release scheme.

Figures released show that home and/or garden improvements remains firmly in top spot followed by repayment of debts. Helping out the family has also become a highly important factor with almost 1 in 4 giving some, or all, of the cash they have released away. Holidays are still one of the main reasons people take out equity release with 29% of those releasing equity, doing so for more breaks.

Gifting is becoming increasingly popular; however is by no means a new reason to why people are releasing cash from their homes. The average amount gifted £23,328 and used to help children clear debts or put down a deposit for house purchases. Many are also very keen to fund their grandchildren’s weddings and holidays while others wish to put money towards their grandchild’s education. The Market Monitor Report also shows that sons are the most likely recipients of a financial gift and are said to receive higher amounts from their parents, on average, £21,131, compared to £18,625 for daughters.

Dean Mirfin, Group Director of Key Retirement Solutions, said, "Helping out family is a powerful motivation for retired homeowners and the sums being handed out are major amounts.

"Clearly parents never stop wanting to help their children and take the decision that an early inheritance today is more beneficial than an inheritance many years downs the line."



If you are considering equity release as a way for you to gain extra cash to spend as you wish, then why not use an equity release calculator to find out how much money you may be able to release today? An equity release calculator works on the basis of your age and property value and calculates an estimation of what you could release from your home through an equity release scheme. These results are simply estimation and it is advised you contact a specialist independent adviser who can further assist you with your calculation.



If you are in need of more information about equity release, then you can request for a free equity release guide to be sent to your home for you to browse through at your leisure.