Around one-in-eight (12%) UK homeowners aged 40 and above would consider releasing equity from their house to increase the income they have for retirement, according to a survey of 1,020 UK homeowners.
The average age the respondents think they would consider doing so was 66, the research from Canada Life suggested. "For many homeowners, equity release can be an effective way to fund retirement, or simply boost income, while allowing them to stay in their forever homes and enjoy the retirement lifestyle they have wished for," said Alice Watson, head of marketing, insurance at Canada Life. Typically in the UK, the minimum age for an individual to be eligible for equity release is 55. Those younger often consider re-mortgaging to liquidise capital. But younger homeowners, those 40+,...
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