Woman, 74, uses equity release scheme to help grandchildren

A woman from Essex has revealed how she was able to use an equity release scheme to benefit her hard-up grandchildren.

Myrna Capaloff, a 74-year-old from Ilford, told the Daily Mail that she released a hefty £60,000 from her retirement flat in Gants Hill thanks to an equity release scheme.

She went on to say that she has to give the funds to her children, who then in turn can pass it down another generation, because her grandchildren would be too proud to accept the money if they knew it was coming from their grandmother.

The younger generation nowadays have it harder due to high house prices and heightened expectations to achieve a certain standard of living, according to Ms Capaloff.

She told the newspaper: "It's so difficult for young people now. When I got married at 18, my husband and I were able to get a decent house for £2,500 even though he was only making £12 a week."

Figures released last week by Key Retirement Solutions showed that 35 per cent of retired homeowners used cash released from their homes to assist or treat their family and friends in the first quarter of this year.

Ashall Glover Financial Services are equity release specialists