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More than just a home: exploring the role of equity release

Overton, Louise (2012)
Ph.D. thesis, University of Birmingham.

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Abstract

Asset-based approaches to welfare may be seen as part of a broader trend towards individual responsibility and private provision. With pressures on pension systems and the concentration of wealth in owner-occupied housing, there is debate about the potential of equity release as a source of funding in later life. However, very little is known about the role that it plays in practice.

Using a mixed methods approach, this thesis fills that gap by exploring older people’s use of equity release products and finds that they play a limited role in meeting income needs as so few people use them. Among those that do, they play different roles for different groups and make an important difference to the living standards of those with middle incomes and medium to high levels of housing wealth. However, they make less of a difference to home owners with lower incomes and more limited housing assets.

The research concludes that equity release has the potential to provide financial security but questions whether it can really function as an adequate safety net for those in need. Governments have encouraged people to accumulate housing assets partly so that they can be more self-reliant, yet have done little to help them decumulate their assets. It is suggested that governments could do more to make equity release more accessible to those at the lower end of the income and housing wealth distribution, but this should not be at the expense of asset-excluded groups.

URL of Published Version: http://www.ageuk.org.uk/Documents/EN-GB/Housing%20and%20Finance%20in%20Later%20Life%20-%20Age%20UK.pdf

Type of Work:Ph.D. thesis.
Supervisor(s):Rowlingson, Karen and Doling, John
School/Faculty:Colleges (2008 onwards) > College of Social Sciences
Department:Institute of Applied Social Studies
Additional Information:

The findings of this thesis were published by Age UK as:
Overton, L. (2010)
Housing and Finance in Later life: A study of UK equity release customers
http://www.ageuk.org.uk/Documents/EN-GB/Housing%20and%20Finance%20in%20Later%20Life%20-%20Age%20UK.pdf

Subjects:HG Finance
HN Social history and conditions. Social problems. Social reform
Institution:University of Birmingham
ID Code:3224
This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder.
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