Equity release used to age-proof homes by over 55s
6 February 2020
New insight into equity release for home improvements
The research has been carried out by equity release lender Canada Life. It has long known that around half its customers use some or all of their equity-release loan to carry out home improvements, but in its latest study it asked respondents to be more specific about the home-improvements they were undertaking. 12% said they were using the money to fund adaptations to make their home safer or more comfortable as they age.
Age-proofing your home so you can stay in it
“We’re not surprised that a high proportion of people are using their property wealth to make modifications to enable them to continue living in it, as we know from other surveys that over 55s don’t want to downsize – they want to stay in the home they love,” commented the director of 55+ Equity Release, Jan Johnson.
A survey of 2,000 British homeowners aged 55 and over by the Nationwide Building Society last year found that one in five (20%) said their next move would be to a house at least the same size, if not bigger, than their current property, while more than two-fifths (43%) never intended to move again. But of these, nearly half (47%) didn’t have a plan for how they would cope with their property as they got older.
“It’s natural to want to stay in the home you love as you get older,” emphasised Jan Johnson, “but that may mean that you need adaptations, such as stair lifts, shower rails or walk-in baths, so you can continue to enjoy a good quality of life. You may also need additional support to help you maintain the property. Equity release can potentially help with both these additional costs.”
If you think equity release may be the solution you need to help you live safely in your own home, our advisers will be happy to visit you to talk you through your options honestly and transparently.