Greater number of homeowners are considering turning to lifetime mortgages to helpfund their retirement years

Key Highlights:

A rising number of homeowners are looking at equity release as a means to fund their
retirement.

• 27% of adults are considering equity release in their future financial plans, up
  from 25% in 2023.
• Reliance on the state pension is decreasing, with only 17% planning to depend
  on it, compared to 20% last year.

Why Homeowners Are Choosing Equity Release:

• Many see property wealth as a practical way to supplement their retirement income.
• The motivations behind equity release include:
• Home improvements: 51% of new equity release customers used funds for
  renovations.
• Paying off existing mortgages: 26% opted to clear their mortgage debt.
• Providing financial support: Some homeowners use equity release to assist
  family members.

What This Means for Your:

• If you are considering equity release, it’s essential to understand its long-term impact.
• Seeking professional financial advice can help ensure this strategy aligns with your
  retirement goals.

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