New data on the main reasons people use equity release

Written in line with our editorial policy.

New data from Pure Retirement and Canada Life paints a detailed picture of changing trends in the reasons people are using equity release products to access some of their property wealth.

The data highlights some shifts in financial motivations behind equity release – including a growing trend of using equity release to help family members – and differences between why men and women are releasing equity.

Different priorities between men and women

The latest data from Pure Retirement shows that single men are more likely than women to use lifetime mortgages to clear existing debts or mortgages. In the third quarter of this year (July-September) 38% of male applicants cited debt repayment as their main reason for releasing equity, compared with 30% of women.

Some other key contrasts include:

• Home improvements. 21% of men released equity for upgrades to their property, compared with 18% of women.
• Gifting. Women were more than twice as likely to release funds to support family or friends (13% versus 6%).
• Lifestyle spending. 10% of men used funds primarily to buy a car, while 5% of women prioritised holidays.
• Emergency funds. Around 10% of both men and women set aside money for emergencies or as a contingency fund.

The data also revealed notable differences in property values and relationship status: 13% of single men taking out lifetime mortgages owned homes worth £700,000 or more, compared with just 3% of women. The data also showed that 42% of men were unmarried, compared with 22% of women.

Simon Hayton, chief operating officer at Pure Retirement, commented: “The differing demographic profiles and financial motivations between male and female applicants underline the importance of delivering products that cater to a wide range of circumstances. It also highlights the value of nuanced advice and customer service throughout the lifetime mortgage journey.”

Jim Boyd, CEO of the Equity Release Council, added: “These figures highlight how individual circumstances, life experiences and financial priorities can shape the way people choose to release equity from their homes… Later life lending is never a one-size-fits-all decision — it’s about understanding customer needs and ensuring their choices deliver the best outcomes for them and their families.”

Gifting on the rise

Meanwhile, separate research from Canada Life has found a sharp rise in people using equity release to support family members. The share of its borrowers doing so has jumped from 13% to 22%. That means almost one-in-five Canada Life lifetime mortgages were taken out primarily to help loved ones financially.

This rise in releasing equity to help family members comes amid continued financial pressure following years of high inflation and a squeeze on household budgets. With house mortgage interest rates making monthly repayments tougher, younger generations are finding it increasingly difficult to get on the property ladder. 

As a result, it appears parents and grandparents are choosing to use their housing wealth to give family members a much-needed boost, whether towards a first-home deposit or general living costs.

While gifting may be growing in popularity, home improvements remain the most common reason for releasing equity, cited by 43% of Canada Life’s borrowers. That has overtaken paying off an existing mortgage, which now accounts for 27% of cases after several years as the leading motivation, Canada Life say.

Canada Life also reported increases in people using property wealth for day-to-day living costs (up from 20% to 27%) and for emergency funds (up from 9% to 21%). 

Taken together, these findings show that despite men and women often taking different routes when unlocking their property wealth, they do have a shared goal of improving quality of life and supporting family. Whether for home upgrades, financial security or giving loved ones a helping hand, equity release continues to evolve as a flexible tool for people in later life.

Sources

Men are more likely than women to use lifetime mortgages to clear existing debts or mortgages: Men more likely to use equity release for debt repayment, says Pure Retirement. The Intermediary. Accessed 23 October 2025.

Sharp rise in people using equity release to support family members: Rise in equity release to support family members: Canada Life. Mortgage Finance Gazette. Accessed 23 October 2025.