More than a quarter of property owners approaching retirement age plan to use their home to fund their living expenses, new research suggests.
The survey from LV= reveals that as well as 28 per cent of people planning a quick home sale or equity release to fund their post-work lifestyle, 35 per cent of over-50s may delay retirement due to their financial situation. However, two-fifths of the over-50s polled fear that their home is not worth as much as they thought, believing an average of £21,749 has been wiped off house prices in the last three years.
Vanessa Owen, LV= head of equity release, commented: “With the purse strings being firmly tightened it is impossible to ignore the need for those over 50 to consider additional sources of retirement income.
“Planning ahead is vital, as is seeking professional financial advice. Using the money locked in their home can sometimes be the only way for people to secure a comfortable retirement.”