According to new research, more than 90% of home owners aged 55 and over want to stay in their homes for as long as possible.
An Australian Housing and Urban Research Institute survey of 1,600 ageing home owners found the vast majority of home owners wanted to stay in the familiar surrounds of their own home, rather than elsewhere.
The survey also found 37% of older Australians did not want to live in a retirement village, even if they needed help.
SEQUALchief executive Kevin Conlon said in response to the survey that equity release products such as reverse mortgages, provided these older home owners with a way to tap into the stored wealth of their home, thereby helping them stay in their home for longer.
However, he said seniors considering equity release products should find an adviser that has gained industry accreditation.