A third of equity release customers are accessing capital for long term care.
Research by equity release product provider Retirement Plus highlights the growing concerns people have about funding their care in retirement.
The research, which was carried out with 1,000 consumers in the West Midlands and Wales, showed that one in three consumers would use the revenue generated from equity release to fund nursing home care.
Duncan Young of Retirement Plus, says: “The results highlight the worries and issues people today have about their care in retirement. People do not want to be a burden to their families so they are looking to their own resources to ensure they get an acceptable level of care.”
Long term care insurance: News update: September 2008