Lease for Life calculator
SEVEN out of 10 adult children would have no objection to their parents taking out an equity release product on the family home to support themselves in retirement, research has found.
Equity release products came in for strong criticism recently from the Financial Regulator, who warned people to take independent financial advice before signing up.
But when older people were asked about equity release, the research found half of them supportive of the idea.
Those in the 18-24 age bracket were the most supportive of all age brackets (with 80pc in favour) of their parents' choice to take a lifetime mortgage.
This reduced steadily as people aged, to about 65pc for people in their 40s and 50s.
These findings serve to reconfirm the fact that more and more people now respect the reality that retirement is an opportunity for parents to reap the rewards of all their years of hard work.
Those considering the various options available should make their choice on what is best suited to them.