16 May 2025
Over half of over 60s predicted to benefit from accessing housing wealth through Equity Release
According to MoneyWeek (May 2025), there are millions of homeowners over the age of 60 who are likely to release money from their homes to pay for their lifestyle during retirement.
The study shows that in 15 years, 51% of over 60s could benefit from accessing their housing wealth through equity release. Analysis by consumer rights organisation, Fairer Finance advised that a whopping £23 billion could be drawn down from housing wealth each year (2025 prices).
This could give those who are ‘asset rich but cash poor’ a way to live out their retirement the way they wish. For those who choose this route, the average amount taken over their lifetime is estimated to be around £140,000.
A 2024 report by Scottish Widows shows that 38% of those looking to retire soon are looking at having an income below the Pensions and Lifetime Savings Association’s recommended minimum retirement living standards. The Office for National Statistics found that people in the UK have more property wealth (40%), than pension wealth (35%).
Equity release, also known as later life lending, not only can boost pensions and unlock housing wealth, it could help the economy by adding £21b of gross value each year by 2040 (source: Fairer Finance).
How can I release money from my home?
There are two ways in which this can be done. Either downsizing which involves selling your current property and moving to a smaller home, or equity release (later life lending). Some people may end up using both of these options.
Equity release is a type of mortgage that enables those who are 55+ to access money from their property’s equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
Is equity release right for me?
Equity release isn’t right for everyone. It can provide a lump sum of tax-free cash for you to use as you wish and allows homeowners to stay in their home without having to sell up. However, as with any type of loan, there are risks, which could include, if the debt of the loan builds up, your loved ones would inherit less, and it can be tricky to remortgage or move once you’ve chosen equity release.
Mortgage Required are part of the Equity Release Council and have in-depth knowledge about equity release, and can help you to figure out if it is the right product for you.
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