18/07/2023
Gifting funds acquired via equity release has risen in popularity, with many looking to provide a ‘living inheritance’ to their children, grandchildren and other beneficiaries.
The ‘Bank of Mum and Dad’ (BOMAD) or ‘Bank of Grandma and Grandad’ (BOGAG) is often referred to as a useful solution in securing house deposits, where relatives over 55 are able to release funds from their homes and gift them to children or grandchildren. Equity Release only becomes repayable upon death or admission to residential care.
If you’re over 55 and looking to help raise funds for a loved one’s property purchase, or a first-time property purchaser looking at your deposit raising options, get in touch to see if Equity Release could be the option for you.
Our team can help answer your questions on 0333 0152940 or you can email [email protected].
There is also plenty of helpful information on our website www.understandable-er.co.uk
EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES