Only 1 in 10 (12%) say they disagree with equity release products because they believe the home should be for children to inherit.
Over 50s will have thousands of pounds of equity tied up in their homes when they retire. The study, carried out through the Saga Populus survey, revealed that a quarter (25%) of these people are looking to use this to enhance the quality of their retirement regardless of any expectations of an inheritance from younger relatives.
The research showed the changing views of the over 50s towards releasing equity from their home. One third (36%) of respondents aged 50 – 54 said they would consider releasing equity from their home to travel around the world compared to 18% of the over 65s – half the number of the younger generation. Also only 53% of 50 – 54 years olds said they would discuss withdrawing money from their property with their family compared to 71% of 65+.
Saga’s research reflects the experience of the Saga Equity Release Service, which suggests that people are not just thinking about using the value in the house to enjoy retirement; they are actually following it through. Recent figures based on actual Saga Equity Release completions show that 28% of those who have released equity from their home did so to use the money to enhance their retirement, for example, purchasing new cars and exotic holidays; compared to just 12% that released equity from their home to give it to their family as a pre-inheritance.
