Equity release opportunity as over 50s “simply don’t want to move”
Over 60 per cent of over 50s treasure their homes so much they do not want to leave it, research from Saga has revealed.
40 per cent of those surveyed said they did not want to leave their garden and the friends and neighbours while a further 22 per cent said they couldn’t bear to “part with their memories”.
For these over 50s an equity release plan could allow them to stay in the property they love.
Further investigation by the over 50s one-stop-shop revealed many of those using its Equity Release advice service are spending a share of the funds released on home improvements. Many are increasing the size of their home to accommodate grandchildren by converting their lofts or building an extension.
Robin Ramsden is the Chief Executive of Saga Services:
“While releasing equity from the home isn’t for everyone, it can help people make improvements so they can stay in their home as they get older.
“This is evident from the one in ten over 50s who are adapting their home to suit their needs as they get older.”