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89.9% of survey respondents want to remain in their home in retirement

Heartland is New Zealand’s leading provider of reverse mortgages, having helped over 19,000 customers across the country release equity from their homes to fund their dream retirement. As part of our partnership with lifestyle website Grown Ups, we conducted a survey last month which revealed how important it is for Grown Ups members (aged 50+) to retire from the comfort of their home.

The results showed that 89.9% of homeowning respondents to the question found it important or very important to remain in their home during retirement. This figure closely mirrors the Australian data that came out of a research engagement between Heartland Reverse Mortgages and the Royal Melbourne Institute of Technology (RMIT), indicating that nearly 90% of Australian retirees want to remain in their home as long as possible, but don’t have the funds to do so.

The survey also revealed that only 12.3% of members feel that NZ Super on its own will be enough to fund the retirement they desire, highlighting that for many retirees, limited superannuation and the rising cost of living is restricting the ability to comfortably age in place.

Equity release could be an option

International research published by EY predicts that the global equity release market could more than triple over the next decade. According to the Global Equity Release Roundtable 2020 survey report, which analyses information from market leaders across the world (including Heartland Reverse Mortgages), the growth potential of this market is huge. Over $15bn of equity is currently released per year globally, and by 2031 this is expected to surpass $50bn annually.

Already, Heartland is seeing a significant increase in demand from people wanting to stay in their home and live a more comfortable retirement. In the first half of 2021, our enquiry levels increased by 49% compared with the second half of 2020, indicating that more and more people who have the majority of their wealth tied up in their property are becoming aware of the potential benefits of a reverse mortgage.

“Demand for equity release options will continue to rise, and it’s our role as the market-leading provider to help educate consumers about how a reverse mortgage could be an option for them, particularly as the cost of living continues to increase,” explains Heartland’s General Manager of NZ Reverse Mortgages, Andrew Ford.

If you’re keen to retire from the comfort of your own home, but you’re unsure whether you’ll have enough funds to do so, we’d love to talk to you about whether a reverse mortgage could be right for you. Give us a call on 0800 488 740 or send us an email at [email protected] to speak to one of our friendly team members about your options.

Heartland’s responsible lending criteria, terms, fees and conditions apply.

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