Home improvements remain most popular reason for equity release
Home improvements are still the most popular reason for equity release customers to unlock their money, new data shows. According to IFA magazine, more than half (53%) of existing equity release customers are unlocking further funds from their lifetime mortgage in order to improve their property.
The data, gathered by Legal and General equity release, indicates that later life homeowners are unlocking their equity to fund repairs and improvements in order to stay in their forever homes for life.
Without being able to access the extra money, some retirees may have no choice but to downsize or move to a property that requires less maintenance. This could be devastating for people who have owned their homes for many years, or rely on their neighbours or family living nearby for day-to-day support.