According to a new research conducted, over 90% of home owners aged 55 and over would prefer to stay in their homes for as long as possible rather than move to a retirement village.
An Australian Housing and Urban Research Institute survey of 1,600 ageing home owners found the vast majority of home owners wanted to stay in the familiar surrounds of their own home, even though the alternative is at times more suitable to their needs.
The survey also found 37% of older Australians did not want to live in a retirement village, although some of them required special assistance on a day to day basis.
In response to the survey, SEQUAL chief executive Kevin Conlon said equity release products provided these older home owners to tap into the stored wealth of their home in order to stay in their home.
However, he said seniors considering equity release products should find an adviser that has gained industry accreditation.
Equity Release products provide home owners with the flexibility of accessing some of the equity ion their home without the need to pay it back during their lifetime.