Giving While Living: How Equity Release Can Be Used To Provide Early Inheritance
How Equity Release Helped Mr. Peters Gift a Life-Changing Sum to His Daughter
At Key Partnerships, many of our referrer’s clients choose equity release to provide a meaningful financial gift to their family members, ensuring they can make the most of life’s opportunities. This is just one of the many reasons how equity release can be a solution to your clients’ financial needs.
One such customer, Mr. Peters, who was referred to us by a mortgage broker, recently shared his experience of using equity release to help his loved ones.
A Desire to Support Family
Like many retirees, Mr. Peters wanted to help his children and grandchildren financially but wasn’t sure how to do so without impacting his own standard of living. He explored various options before learning about equity release, which allowed him to unlock the value tied up in his home.
“My daughter has been going through a difficult time recently and was struggling to find a place of her own,” explains Mr. Peters. “When I decided to look into equity release, I spent six months researching the idea before I made the decision to book an appointment. The whole process was a lot easier than I’d expected it to be.”
The Equity Release Process
After referring to Key Partnerships, the client discussed his goals with The Equity Release Experts’ specialist adviser Marc Orme, Mr. Peters was advised on a plan that suited his needs. The process was straightforward, and he was able to release a tax-free lump sum from his property and the referring mortgage adviser earned a generous commission once the plan started.
When the money arrived into Mr. Peters’ account, the first thing he did was help his daughter and three grandchildren find a home, using some of his cash to contribute towards their mortgage deposit and help cover the redecorating costs.
“We’ve decorated throughout the house, had a new kitchen and bathroom fitted, and rather than do it myself, I paid for someone else to do it – it took away the stress. I’ve already recommended equity release to some of my friends – in my view, you should enjoy the money while you’re still alive. I definitely felt I made the right decision and the whole process was spot on.”
The Growing Importance of Gifting
Marc Orme, from The Equity Release Experts, highlights why more referrers clients are turning to equity release to support their loved ones:
“Gifting has become more important in recent years due to the increased cost of purchasing properties. The transfer of generational wealth is a vital component to ensure children and grandchildren can take a step on to the property ladder.”
“It is likely with the increased pressure from rental costs and increases in the cost of living, more children and grandchildren will turn to their parents and grandparents to contribute towards their property deposit.”
Could Equity Release Help Your Client?
Mr. Peters’ story is just one example of how equity release can be a solution to your clients’ needs, as it allows them to maintain their standard of living whilst allowing their beneficiaries to benefit from the equity tied up in their home.
If you have any clients aged 55+ who are considering how to make the most of their home’s value, Key Partnerships are the referral partner for you. To find out more about how equity release could work for your business, get in touch with us today.
