It’s nice to be able to support when friends of family members run into financial difficulties – but it’s not always possible if a lot of your money is tied up in your home.
Whether you’re planning on helping family onto the property ladder – or simply supporting loved ones to get around money problems, it can feel wonderful being the person who’s there to step in and help out.
An increasing amount of people are using equity release to do just that; free up the money in their home and be on hand to help.
Tony and Fiona – supporting family
“Our eldest son lost his job at the worst possible time – they’d just had their second child and bought a new house the previous year, so it was devastating when he was made redundant.”
Tony and Fiona explained that they felt they had no choice but to use their own financial situation to find a way to support when their son’s young family were facing financial dire straits.
“It doesn’t matter how old they are, they’re still your kids – and there was no way we’d see them struggle, so the next day we went to see an advisor about releasing the equity from our home. To be honest, we were in a panic – but the lady we spoke to was great, she talked us through all our options, making sure we didn’t rush into something that wasn’t right.”
It was 4-months before Tony and Fiona’s son was back in work – but their help meant he and his wife didn’t miss any mortgage payments or struggle with the cost of having a young family.
“We’ve always managed okay with our own finances – but we’ve never had enough left over to help our kids out in the past. Doing this felt wonderful, I’ll never forget the look on their faces when we told them not to worry.”