Figures from the Equity Release Council found 70% of over-65s want to stay in their own homes in retirement but only a third can do so safely at present.
One-in-five of these people have put off making repairs or changes to their property due to lack of funds with 2.8m living in homes which need financial investment to make them safe for retirement.
The areas of a house in most frequent need of attention are staircases, gardens and bathrooms, the Council said.
While most over-65s are likely to turn to savings to fund their retirement around 18% have a savings pot of less than £10,000
Nigel Waterson, chairman of the Equity Release Council, said these figures showed the increasing importance of equity release in funding the cost of retirement.
“These findings show just how important people feel it is for them to be able to remain in their current homes throughout their retirement. Living on in familiar surroundings is clearly the majority choice, which sooner or later means tackling the practical challenge of managing their physical comfort and safety as they grow older.
“The ambition to retire in the comfort of their existing home often brings a need for adaptations to safety-proof their surroundings. Investing carefully with this in mind can extend the period of time where someone can live practically and comfortably at home before they need to consider options such as residential care.
“With many over-65s asset rich and cash poor, it is a logical step to consider releasing some of their housing equity to prolong the pleasure they take from spending their retirement years in the place they call home.”
Elsewhere, Bridgewater Equity Release has announced it will visit Peterborough next month for the latest of its roundtable workshops for specialist equity release advisers.
The roundtable sessions are designed to help equity release advisers better understand the sector and provide the opportunity for attendees to quiz a number of experts and their peers on a variety of topics.
Chris Prior of Bridgewater will chair the session which will focus in on the legal implications of releasing equity and how the products might be utilised in funding long-term care fees. Peter Barton of Ashfords Solicitors and Jeremy Davies of Symponia will also be in attendance at the event.
The event will take place at 10am on Tuesday 15 July at the offices of Annuity Line at Annuity House, 52 Forder Way, Hampton, Peterborough, PE7 8JB.
Chris Prior, Manager, sales and distributions manager at Bridgewater Equity Release, said: “We have experts in both the legal and long-term care fields with us and I am sure there will many equity release advisers who have numerous questions on these topics plus we are able to cover a range of related matters.
“Often the most interesting and informative debates are between advisers themselves as this event gives everyone a chance to network and discuss relevant matters with their immediate peer group.”
