Over half of people aged 50 and over have said they value their home too much to consider moving.
Instead of moving home, over 50% of people are choosing to use equity release funds of up to £10,000 on average to make alterations and improvements. Millions of people plan to carry out significant work on their homes over the next year, with nearly half looking to modernise.
The figures, released by SAGA, show that over half of people using their Equity Release Advice Service intend to utilise funds to make home improvements. Worryingly, around 32% claim they will use funds to pay off outstanding debts, suggesting more people over 50 are relying on credit to cope with daily living expenses.
Roger Ramsden, chief executive of Saga Services, commented: "While releasing equity from the home isn't for everyone, it can help people make improvements so they can stay in their home as they get older. This is evident from the one in ten over 50s who are adapting their home to suit their needs as they get older."
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