Equity Release helps allay older homeowner maintenance fears
21% of homeowners aged 60 and over are concerned about the costs of maintaining their property as they get older. New research has also shown that 35% of these homeowners are troubled about having the health and strength to carry out everyday maintenance jobs themselves such as doing the gardening.
Additionally the research found that 35% of homeowners wait until something needs to be fixed before taking action rather than checking their home exterior regularly and taking proactive action. The findings from this research reveal a similar picture to the findings of an Equity Release provider showing that 61% of those who release property equity do so to fund home and garden improvements whilst 31% are using the money to pay off unsecured borrowing such as credit cards and loans.
Richard Espley Head of Equity Release comments:
“There’s a growing body of evidence that older homeowners are asset rich and cash poor. These research findings add detail to that overall picture. With an ageing population there are likely to be steadily increasing numbers of homeowners who need help not just with more significant home maintenance projects such as installing a new roof but also with the everyday jobs such as mowing the lawn. Indeed as people grow older they may also need to make modifications to their home so that they can continue to live there comfortably – installing stair-lifts and so on.
“Equity Release can help with the funding of all levels of home maintenance, financing major projects whilst also topping up a pension income so that life’s little luxuries such as a weekly visit from a gardener can be afforded.”
Content correct at time of publication