Survey finds average equity release payout in 2024 was £62,848

What could you do with £62k?

Written in line with our editorial policy.

What would you do with money from equity release? That’s a question prompted by research from SunLife.

The latest Life Well Spent report from SunLife has confirmed the average amount of equity released by its survey respondents in 2024. Of those who had released equity, the amount released was £62,848 – a life-changing amount of money for many people. 

This figure got the team at Equity Release Wise talking about what we’d do with that kind of money. Here at HQ, our wish-lists range from a caravan for trips across Europe, to bucket list experiences like swimming with manatees in Mexico.

Of course, if you’re thinking about unlocking some of your property wealth, you may already have a good idea of what you need most of the money for. But if you’re in need of some inspiration, why not read on to see what a £62,000 cash injection could buy you today.

What does equity release involve?

First, a quick overview of the product. Equity release allows homeowners aged 55 and over to unlock some of the value tied up in your home’s value without having to move or downsize. The most common types of equity release are lifetime mortgages and home reversion plans:

• Lifetime mortgages. You take out a loan secured against your home while retaining 100% ownership. Rather than making payments each month, the interest is usually left to roll up each month until the loan and accrued interest are repaid from the sale of your home when you pass away or move into long-term care. If you wish, there are interest-only lifetime mortgages available, and plans that allow you to make ad hoc voluntary payments without incurring fees.
• Home reversion plans. You sell part or all of your home to a provider in exchange for a lump sum or regular payments. You continue to live there rent-free until the last remaining homeowner passes away or moves into long-term care.

What can you get for £62,000 today?

The new report by SunLife found that the average amount of equity being released by homeowners it surveyed is £62,848. The figure is £11,208 higher than 2023’s figures, when the survey reported an average of £53,828.

If you’ve been thinking about equity release, you’ll probably have a good reason for it already. For some, it’s clearing the outstanding mortgage balance after decades of repayments. For others, it’s paying off a burdening credit card that started off small but became unmanageable. 

Of course, not everybody turns to equity release because they’re in financial difficulty. For some, it’s their opportunity to enjoy retirement and reap the rewards of decades of homeownership.  

Let’s face it, £62,000 is certainly enough to fund some fantastic experiences and purchases. For example, you could:

• Pay off mortgage or other debts. The average amount paid off by people who released equity in SunLife’s2024 survey was £20,913. Bear in mind that the money you release must be used to pay off any remaining mortgage on your property first.
  
• Take a cruise. A 59-day world cruise from Dover to Sydney seeing the sights in style costs £8,229 (cruise price per person, interior cabin with Princess Cruises sailing 04 July 2026, prices correct at time of writing).
  
• Buy a brand-new car. The £20,195 Renault Clio 1.0 TCe 90 Techno was winner of the Best Small Car in the What Car? Awards 2025.
• Add a conservatory to your home. Relax in style when you retire, no matter what the weather is doing, at £12,750 (minimum price of a wooden lean to conservatory according to Checkatrade).

Of course, although we are having a little fun with the numbers here, equity release is always something to take seriously. It can be an expensive way to borrow money, especially if you leave the interest to roll up. Please use our compound interest calculator to see this for yourself. One effect of this is that equity release can significantly reduce the value of your estate.

“Vast majority are cash poor and property rich”

Speaking about the findings, SunLife chief executive officer Mark Screeton said: “According to our research, the average homeowner pensioner has a home worth more than £330,000, but a household income of just over £30,000.

“This means that the vast majority are cash poor and property rich, and while most own their homes outright, around 1 in 20 still have a mortgage. For those people, a huge chunk – almost a third – of that relatively modest income is still being spent on housing.

“It could make sense for some of these people to tap into that equity that is tied up in their homes. But for many, downsizing to free up the cash is not an option – often it is too expensive, or they are emotionally tied to or physically dependent on their homes.”

Why speak to a specialist?

Before committing to equity release, make sure you consider the alternatives, such as downsizing, borrowing from family, or using other savings or investments. Always seek professional advice from a specialist to explore the best route for your circumstances, and think carefully before securing other debts against your home.

Speak to our of our selected equity release advisers by calling 0808 178 3055 or request a call back at a time convenient to you.

Source

The average amount of equity released in 2024 was £62,848: Equity release awareness and misconceptions. SunLife. Accessed 18 February 2025.

About Clare Yates. With over a decade’s experience writing about later life financial planning, Clare offers a wealth of knowledge about equity release, pension annuities, wills, LPAs and more. When she isn’t writing, Clare likes to spend her time baking and going on walks with her husband, two children and their rescue dog. Follow Clare on LinkedIn