Lifetime mortgages help make dreams come true, finds Norwich Union

More than three quarters of homeowners over 50 have not achieved everything they want to Norwich Union has found.

14:53 15 December 2004

More than three quarters of homeowners over 50 have not achieved everything they want to Norwich Union, the market leading lifetime mortgage provider, has found.

If money was no object, the research found that most people over 50 would like to travel abroad more often, one in three would carry out work on their home and more than one in four would like to buy a second home.

"With many nearing retirement age, the question is: Where does the money come from to pay for such things as buying a second home or travelling abroad? As 2005 is just around the corner, now is a perfect time to consider ways to make those lifetime dreams a reality," director of Norwich Union Personal Finance Mark Kelly noted.

"Releasing equity from their home using a lifetime mortgage might offer a solution. A lifetime mortgage is a big decision to undertake and homeowners must ensure that they feel confident that they will be making the best of their money, however they choose to spend it," he added.

Norwich Union also found variations by age group. While just one in seven (15 per cent) of those aged 50-59 feel they have achieved all they want to, the vast majority of people over 85 (83 per cent) are content with their lifetime's achievements.