Parents in their millions are planning to utilise some of their property value to ensure that their children receive part of their inheritance early.
Scottish Widows Bank research has discovered that 20% of homeowners plans to release equity from their property in order to financially aid their children.
1.9 million families are likely to benefit from an early inheritance from older relatives.
Scottish Widows Bank's research asked what older homeowners would spend their money on when it is released from their homes with some form of equity release product.
Equity release enables older homeowners to sell part of their home, or borrow against its value. They do not have to make any payments against this money until they die or move into permanent care and their home is sold.
Scottish Widows Bank states that passing on money to their families is mainly what would happen with the money released, followed by home improvements .
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Inheritance Early for Children Mon, 27 Feb 2006
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