“Ensuring a comfortable retirement brings with it a host of challenges and requires a longer term and broader approach to financial planning than used to be the case. Aviva’s findings show there is increasing recognition that housing wealth has a significant role to play in later life, which makes it important that people can access the support and advice they need to weigh up all their options.

“Despite high levels of homeownership, financial pressures mean many of today’s older generation are cash-poor and asset rich, so it comes as little surprise that a majority say their home is worth more than their other forms of saving*. Rising demand for using property wealth in retirement is driven by a number of factors, including paying off mortgages, funding home improvements or adaptations for later life, and helping younger family members to get on the property ladder.

“While unlocking housing wealth via equity release will not be the right solution for everybody, it should be on everyone’s checklist when planning for retirement. Importantly, it can help them achieve the goal of remaining in their homes for as long as possible, with their right to do so not depending on deducting regular repayments from their retirement income.”

-ENDS-

* Aviva’s research found 69% over-45 homeowners say that their home is worth more than their pensions, savings and investments combined

Nigel Waterson is also available for further comment.

For further information, please contact:

• Jordan Campbell, Victoria Heslop or Will Muir at Instinctif Partners, on 020 7457 2020 or email [email protected]

About the Equity Release Council – www.equityreleasecouncil.com  

The Equity Release Council is the industry body for the equity release sector, which represents over 400 members including providers, qualified financial advisers, solicitors, surveyors and other industry professionals.

It works to ensure a safe equity release market for consumers, by operating rigorous Standards for the provision of advice and products which guarantee security of tenure and financial protections. 2016 marks the 25th anniversary since the first industry Standards were created for equity release in 1991. Since then, over 350,000 consumers have taken out an equity release plan from Council members, drawing on almost £17bn of housing wealth.

The Council also works with consumers, industry and policy makers to improve awareness and understanding of equity release and the potential for housing wealth to help solve many of the financial challenges facing people over the age of 55 across the UK.