While fewer than one in four homeowners over 50 has achieved all they want in life, the equity in their homes could allow them to reach their goals, Norwich Union has found.
A survey by the insurer found that most over-50 homeowners would like to travel abroad more often, while one in three would carry out work on their home and more than one in four would like to buy a second home.
Director of Norwich Union Personal Finance Mark Kelly noted: "With many nearing retirement age, the question is: Where does the money come from to pay for such things as buying a second home or travelling abroad? As 2005 is just around the corner, now is a perfect time to consider ways to make those lifetime dreams a reality.
"Releasing equity from their home using a lifetime mortgage might offer a solution. A lifetime mortgage is a big decision to undertake and homeowners must ensure that they feel confident that they will be making the best of their money, however they choose to spend it," he added.To read more about retirement planning, click here.
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