Survey supports the need for home equity release
An overwhelming majority of people want to stay in their own home after retirement, according to a new survey.
Monday, February 14th 2022, 6:00AM
by Eric Frykberg
It was done by Heartland Bank, which is a major provider of reverse mortgages.
The survey found 89.9% of respondents thought it was important or very important to remain in their homes during retirement.
Of those who would agree to move, 29% would do it to get a more manageable house, 20% would move to a retirement village and 12% would do so to free up funds by downsizing.
The survey was done in partnership with the lifestyle website GrownUps.
It asked more than 2,000 New Zealanders over 50 for their thoughts on homeownership, retirement, NZ Superannuation and reverse mortgages.
It found many people wanted to age in their own home rather than downsize, move to a retirement village or move in with their family.
Heartland Bank says the survey results support years of anecdotal evidence that retired people want to stay put and grow old in the home they have come to love and feel comfortable in.
The survey also revealed widespread pessimism over NZ Superannuation, with only 12.3% of respondents feeling it would be enough to fund the retirement they desire.
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