Canada Life has recently explored the concept of the forever home, an age-old concept that means something different to each and every one of us. Whether this includes something physical that we actively seek, or an emotion that is realised once it’s in place, they’ve explored how recent events have changed those notions and why a forever home should reinforce the idea that it’s about so much more than simply bricks and mortar.
As part of their research, Canada Life has looked into the concept of the forever home in three chapters:
- Empty Nest Dreams, assessing the financial impact on parents that have seen a huge rise in the number of adult children returning home to wait out lockdown, work from home, and even giving up tenancy agreements to save money amidst job uncertainty.
- Adviser challenges, highlighting that despite equity release becoming an increasingly popular option in recent years and providing greater choice, there are still many challenges being faced by advisers when talking to clients, with some misconceptions persisting.
- The forever family home, looking at the factors involved in making a forever home and the many emotional and personal attachments that accompany it.
Retirement is changing, and so too are the needs of today’s retirees. Homeowners are looking for flexibility, value and certainty when it comes to planning for retirement, and property wealth has a significant role to play, particularly for those looking to stay in their forever homes. Over the next few months, Canada Life expects that equity release will play an even bigger role as part of blended retirement plans, as the over-55s look for financial security in later life.
Whatever the reason for releasing value in property it’s important that homeowners consider all their options and seek advice from expert advisors who are there to help find the best option that meets their needs.
Alice Watson, Head of Marketing, Insurance, Canada Life said:
“For most, our home is our sanctuary, a place where we can escape the hustle and bustle of the world. And that has never been truer than in 2020 when we’ve spent more time inside our home than ever before. The concept of a forever home is also hugely emotive where many have raised their families, hosted Christmases, and most importantly – built their memories.
“As the shape of retirement continues to evolve, some retirees may find themselves unable to stay in their forever homes. They could consider downsizing to fund life after retirement, support family members, or pay for care. However, retirement funding options are also evolving and leaving a forever home does not have to be the first port of call to access income in retirement. Some people recognise that working longer could be the answer, but another option that could be considered is equity release. It presents homeowners with the possibility of staying in their forever home, releasing a proportion of the equity they have built up to support their lifestyle.”
To find out more please visit www.canadalife.co.uk/foreverhome
