The share of equity release borrowers taking out money to support family members has increased by 9 percentage points from 13% to 22% over the past year, according to Canada Life.

Comparing figures from the first half of 2024 to the first half of 2025, the later life lender recorded the increase.

It means that giving money to family is now the motivation behind almost one in five equity release mortgages, up from around one in seven a year ago.

However, home improvements and adaptations was the most common reason for seeking a lifetime mortgage this year, cited by 43% of borrowers.

This has overtaken the goal of clearing existing mortgage debts, which was the motivation for 27% of borrowers and has been the top driving factor for later life loans between 2018 and 2024.

Today’s statistics are against a backdrop of growing demand as the Equity Release Council reported lending was up by 10% from Q2 2024 to Q2 2025. 

Changes to bring pensions within the scope of inheritance tax from April 2027 may be a contributing factor to families looking to pass on their housing equity. 

Canada Life also reports a 7 percentage point year-on-year increase lifetime mortgages being used for day-to-day living costs from 20% to 27%.

It also records a 12 percentage point rise in loans being used for emergency funds from 9% to 21%.