Nearly three-quarters (73 per cent) of consumers would consider using their property to finance part of their retirement, the Equity Release Council has revealed. By 2017, more than a quarter of a million retirees are expected to consider downsizing to a more affordable home and may look to secure a quick home sale to achieve this.
Meanwhile, 61 per cent listed property as one of their top three sources of income. “This research clearly shows that more and more people are considering using their property as part of their retirement finances. This might mean choosing to downsize, rent a room out or use equity release – or any combination of the above,” said Nigel Waterson, chairman of the Equity Release Council.
He went on to say that with such a heavy reliance on equity tied up in residential property, it is “vital” that homeowners receive accurate information on their options when it comes to releasing cash from their homes.