A report by LV= found that 96% valued good health in later life, while 95% pointed to maintaining independence or financial security as top priorities.
Approximately nine in 10 respondents said staying in their own home was important to them.
LV= said releasing equity could be a “valuable solution”, citing lifetime mortgages as a potential option.
This allows individuals to tap into some of the equity tied up in their home, so they can “access funds to support evolving needs without the pressure of having to sell their property”.
Such funds can cover “unavoidable expenses” such as medical expenses or in-home care.
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Nearly eight in 10 surveyed said adapting their home to meet their changing needs was important to them and over half are worried about how they would pay for such renovations.
Georgina Oxton, LV’s equity release divisional sales manager, said: “With rising costs and increased pressures on public health services, it’s no surprise many people are feeling anxious about how they’ll manage in retirement.
“LV= Lifetime Mortgages can offer a practical way for people to access the value in their home to fund care, improve quality of life and offer peace of mind, all without needing to sacrifice the things that are important to them.”
She continued: “Furthermore, LV= is a trusted mutual brand, and LV= Lifetime Mortgages offer valuable services for later life care through LV= Doctor Services and Care Navigator. LV= Doctor Services provides 24/7 remote GP consultations and access to medical specialists for second opinions, while Care Navigator connects clients with experienced nurses who offer compassionate support and guidance in navigating the adult social care system.
“With a rising number of people facing uncertainty about accessing care in later life, it’s clear that proactive financial planning is of paramount importance.”
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Over two-thirds of adults worry about funding later life care
