Lifetime mortgages are growing in popularity amongst women, according to Canada Life Home Finance.
Research conducted by the Equity Release Council outlines that single women over 55 accounted for over 25 per cent of new equity release agreements in the latter half of 2018 – a 50 per cent increase on 2017.
Research from Canada Life shows that women on average believe they will need £1,421 a month after tax to live comfortably into retirement. However, the average single female pensioner receives nearly half of that – £206 a week.
The World Economic Forum says that the average British women will outlive her savings by 12 years.
Canada Life Home Finance head of marketing and communications Alice Watson says: “The outlook for women in retirement is concerning… however, what we are seeing more immediately is that women are being resourceful. They are aware of the fact that the wealth in their property can help them.
“The growth in women using lifetime mortgages demonstrates how equity release can fill the pensions deficit faced by women in retirement.
“An additional demographic shift which points to a continuation in the trend of single women taking out more lifetime mortgages, is the increasing number of people living alone.
“We expect the trend of people using their property wealth to help relieve some of this pressure to continue.”