The equity release provider carried out a series of face-to-face interviews with 1,000 consumers in the West Midlands and Wales.
It found that 33% of equity release customers would use the money to pay for nursing home care.
The research also reveals that almost 21% of respondents would use the money to help family members, with a further 16% using it to ease or clear existing debts.
Duncan Young, chief executive of Retirement Plus, says: “The results of our research highlight the worries and issues people today have about their care in retirement. Retirees do not want to be a burden to their families so they’re looking to their own resources to ensure they get an acceptable level of care.”
He adds that the proportion of those choosing equity release as a way of helping out their family is unsurprising, given the struggle first-time buyers are facing in getting on the housing ladder and adapting to higher living costs.