The majority of Brits hope to adapt their home for old age rather than move into a care home, research by LV= has found.

A survey by the equity release provider reveals that 61% of adults would prefer to stay in their home and pay for alterations than go into residential care.

The proportion rises to 70% among those with assets of £100,000-£500,000 excluding their property.

The poll by LV= also shows that 60% of adults are worried about going into care homes after witnessing how Covid spread there last year.

It reveals that 45% of UK home owners would consider using a lifetime mortgage for one of the following reasons:

• To pay for home improvements for medical or mobility reasons (17%)
• To fund a care worker (16%)
• To increase retirement income (15%)
• To cover home repairs (15%)
• To provide financial support to children or grandchildren (12%)

LV= managing director of savings and retirement Clive Bolton says: “People understand that their property and equity release can play an important part in securing the retirement they want. 

“Many currently use equity release to top up their income, pay for home improvements or to provide financial support to family and friends but it will be interesting to see if the Covid pandemic leads to an increase in the use of equity release to pay for care.

“LV=’s research indicates that the pandemic has made many older people reluctant to move into a care home.

“Rather than moving into a care home, an increasing number may consider using equity release to pay for carers and the cost of modifying their home for medical reasons.”