Overall, a third of homeowners over 55 say they are confused about their mortgage options in later life, a marginal improvement from 2021, when 34% said the same
Women aged 55 and over who own their own home have a greater uncertainty of their mortgage options later in life than men, according to a survey of older homeowners.
Female homeowners in the same age category also feel less confident about their retirement finances than their male counterparts and are less likely to use a price comparison website when researching financial products.
The findings come from the Equity Release Council’s Home Advantage study of money matters among 5,000 UK adults and research from Equity Release Supermarket.
Overall, a third of homeowners over 55 say they are confused about their mortgage options in later life, a marginal improvement from 2021, when 34% said the same.
Meanwhile, around 62% of older UK homeowners say they would use price comparison websites to research different financial products, with 63% agreeing they provide helpful information.
Price comparison websites, nevertheless, ranked last among the four most popular sources of information relied on by older homeowners.
When asked what sources of information they favour when researching different financial products, homeowners aged over 55 prioritised using consumer websites (36%), speaking to their bank or building society (35%), speaking to a financial adviser (30%) or using a price comparison website (27%).
Jim Boyd, chief executive of the Equity Release Council, said: With growing numbers of homeowners admitting that they are confused about their later life options, it is vitally important that they not only undertake as much research as possible from reputable websites but also speak to experts.
Alongside qualified advice, it is essential we get ahead of future demand by harnessing technology to make sure consumers can find the information they need to make informed choices. Without the right prompts in place, people may never get to the stage of sitting down with an adviser, which is why later life options need the same online visibility associated with other everyday financial products to help more people see their potential, he added.