Mortgage – Nearly two thirds of over 55s reside in ‘without end dwelling’
An estimated 62% of over 55s reside of their ‘forever home’, in accordance with from Canada Life.
This equates to six.2 million households.
The analysis exhibits that to be able to stay of their without end dwelling, people are contemplating choices corresponding to working longer (19%), borrowing cash (13%), or releasing fairness (11%).
Motivations of these looking for fairness launch revealed
The important thing traits of a without end dwelling embrace having a big backyard (38%), entry to off-road parking (35%), a big kitchen (35%) and being indifferent (35%).
Nearly half (49%) of over 55s outlined that proudly owning their without end dwelling offers them consolation.
The information exhibits that 37% of respondents really feel like a house is their without end dwelling after they have made enhancements, and for 28% crucial issue is making reminiscences in the home.
Alice Watson, head of selling and insurance coverage at Canada Life stated: “For many, our house is our sanctuary, a spot the place we will escape the hustle and bustle of the world.
“And that has by no means been more true than in 2020 once we’ve spent extra time inside our dwelling than ever earlier than.
“The idea of a without end dwelling can also be massively emotive the place many have raised their households, hosted Christmases, and most significantly – constructed their reminiscences.
“As the form of retirement continues to evolve, some retirees may discover themselves unable to remain of their without end properties.
“They might contemplate downsizing to fund life after retirement, assist relations, or pay for care.
“However, retirement funding options are also evolving and leaving a forever home does not have to be the first port of call to access income in retirement.”