Over 55s Not Considering Equity Release Despite Planning to Stay in Their Homes

A recent article from ftadviser.com [If you click on this link you are now leaving Viva Retirement Solutions. We are not responsible for the content or privacy practices of external websites.], has discovered that most over 55s have never considered equity release, despite not wanting to sell their home to fund their retirement.

Recent research from Aviva found 77% of over 55s were emotionally attached to their houses, with 17% saying they would never sell up regardless of the situation.

It also found 47% would not move even if they won millions in the lottery. This indicates how emotionally tied they are to their homes, and how staying in their home whilst retired is an important consideration.

Although many over-55s are reluctant to move, 82% cent who plan on retiring have never even considered equity release as a way to access the value tied up in their home. 

Kay Westgarth, head of retirement distribution at Aviva, said:

“While financial planning is often framed in terms of numbers and targets, it’s clear that emotional factors play a major role in decision-making later in life. For some, the idea of moving feels like letting go of a part of themselves. For others, it’s about staying close to family, community, or the comfort of the familiar. "

Despite rising financial pressures, emotional ties remained one of the strongest forces shaping retirement decisions. The research also found a reluctance to sell was also down to money invested into home improvements.

To illustrate how Viva have helped many customers to stay in their homes into retirement, or to fund other expenses, such as home improvements or a dream holiday, you can view our case studies.

If you would like to explore how releasing equity in your home can enable you to stay in it during retirement and provide much needed funds, please contact us today to arrange a free no obligation consultation.

A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate

A fee of up to £995 is only payable on completion of your Lifetime Mortgage if you proceed with an application.