Home improvements continued to be the primary reason for new equity release customers, data from Legal & General Home Finance shows.
The data shows that 51% of new equity release customers took out a lifetime mortgage last year.
Customers often used their lump sum to invest in improving their forever home. This includes adaptations to make sure a property remains suitable into retirement, alongside other types of home improvements.
Moreover, customers took out lifetime mortgages to help get their finances in order. This includes debt consolidation (21%) and paying off mortgages (26%).
Customers taking additional drawdowns, however, were more likely to use the value from within their homes to help supplement their income (23%).
Analysis of English Housing Survey data by the Centre for Ageing Better suggests that 91% of homes across the country do not provide basic accessibility features, which presents challenges as people age.
Legal & General Home Finance chief executive Craig Brown said: “Property wealth can be a valuable asset and, looking at the new customers who came to…
