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Equity Release an Alternative to Borrowing
19/10/2010
According to Informed Choice borrowing and lending money among family members is not a good idea, because it can often lead to problems,
Martin Bamford, the firm's chartered financial planner and managing director, said: "If there is a family obligation, you have to lend money to a parent almost as a repayment for money they have lent you in the past or simply because of that family obligation, it can tip people into a very difficult position."
Mr Bamford advised people to plan their finances well in advance to avoid being bailed out by their parents or siblings after Scottish Widows research showed that one in ten people have lent an average sum of £8,250 to their next of kin.
Equity release can be considered as an alternative source of funds to cater for their financial needs.
Equity release advice could prevent people from having to borrow money from family members to get out of a sticky spotHomeowners aged over 55 years currently considering borrowing money from family members and would like to consider equity release as an alternative and would like to know how much money the value of their property could release, can find out by contacting therightequityrelease.co.uk for equity release advice.
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