Over a quarter of working homeowners over 50 in the UK intend to access the equity in their home to help fund their retirement, according to retirement specialist LV=.
Research by the financial expert found that 28 per cent of people over 50, around 1.9 million, plan to use equity.
LV= has dubbed the generation HIPpies (home is pension).
In its HIPpies report, many working over 50s still believe their home will play a significant part in funding their retirement.
Around 49 per cent of homeowners over 50 say they would consider downsizing to a smaller property, or using an equity release product (17 per cent) to access the money in their property during retirement.
However, many over-50s are faced with the reality that their house may not be as valuable as they had once hoped, with 39 per cent of homeowners over 50 believing their property has decreased in value over the last three years by an average of £21,749.
Head of equity release Vanessa Owen said: “Turbulent times are still ahead for the UK economy, but despite the uncertainty surrounding the housing market our HIPpies generation have not been discouraged.
“The number of over 50s planning to use their home as their pension has remained stable when we compare it to our 2011 report. A property is often the largest asset people have, so it makes sense for them to see it as a way of helping to provide an additional stream of income for them when they retire.”
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