An estimated 62% of over 55s are living in their ‘forever home’, according to from Canada Life.

This equates to 6.2 million households.

The research shows that in order to remain in their forever home, individuals are considering options such as working longer (19%), borrowing money (13%), or releasing equity (11%).

Motivations of those seeking equity release revealed

The key characteristics of a forever home include having a large garden (38%), access to off-road parking (35%), a large kitchen (35%) and being detached (35%).

Almost half (49%) of over 55s outlined that owning their forever home gives them comfort.

The data shows that 37% of respondents feel like a home is their forever home when they have made improvements, and for 28% the most important factor is making memories in the house.

Alice Watson, head of marketing and insurance at Canada Life said: “For most, our home is our sanctuary, a place where we can escape the hustle and bustle of the world.

“And that has never been truer than in 2020 when we’ve spent more time inside our home than ever before.

“The concept of a forever home is also hugely emotive where many have raised their families, hosted Christmases, and most importantly – built their memories.

“As the shape of retirement continues to evolve, some retirees may find themselves unable to stay in their forever homes.

“They could consider downsizing to fund life after retirement, support family members, or pay for care.

“However, retirement funding options are also evolving and leaving a forever home does not have to be the first port of call to access income in retirement.”