6 November 2019

At the same time, 52% would prefer to rely on their pension and not on their property, and 28% expect to use both.

Everyday expenses

“Of course, people choose lifetime mortgages for numerous reasons, but the fact that daily living expenses is one of the most popular among them shows how homeowners see their property as an additional income source,” – noted Alice Watson from Canada Life Home Finance.

“Usually, people tend to rely on their private and state pensions when it comes to main source of retirement income”.

“Nevertheless, the amounts in their pension pots will hardly provide them with the desirable style of retirement. And while they understand that there’s more wealth in their homes, they still don’t take this opportunity”, – Watson added.