New analysis from lifetime mortgage lender Pure Retirement has identified key differences between male and female customers applying for lifetime mortgages on a single-life basis.
The data revealed that men are significantly more likely than women to use released housing equity to repay existing debts or mortgages.
In Q3, 38% of single male applicants listed debt repayment as their primary reason for taking out a lifetime mortgage, compared with 30% of women.
Men were also slightly more likely to use funds for home improvements (21% versus 18%), while women were more than twice as likely to release equity for gifting to family and friends (13% versus 6%).
Other notable differences emerged in lifestyle-related motivations. 10% of men released funds to purchase a car, whereas 5% of women listed holidays as their primary purpose, a category not featured among men’s top reasons.
Around 10% of both men and women released funds to create an emergency or contingency fund.
The analysis also revealed wider demographic contrasts. While men and women were broadly similar in property value distribution at the lower end of the market, the gap widened among higher-value homes.
In Q3, 13% of single men taking out lifetime mortgages owned homes worth £700,000 or more, compared with 3% of single women.
Relationship status also varied. Among new single applicants, 38% of women were widowed (versus 22% of men), and 36% of women were divorced (versus 30% of men).
Meanwhile, 42% of men were unmarried, compared with 22% of women.
The research further found that men were more likely to take out lump sum lifetime mortgages, accounting for 72% of single male activity compared with 58% among women.
Simon Hayton (pictured), chief operating officer at Pure Retirement, said: “The differing demographic profiles and financial motivations between male and female applicants underline the importance of delivering products that cater to a wide range of circumstances.
“It also highlights the value of nuanced advice and customer service throughout the lifetime mortgage journey.
“By sharing these findings, we aim to support greater understanding across the market and continue enhancing our offering to deliver the best outcomes for all customers.”
Jim Boyd, CEO of the Equity Release Council, added: “These figures highlight how individual circumstances, life experiences and financial priorities can shape the way people choose to release equity from their homes.
“The fact that men and women show different patterns of use underlines why personalised, regulated advice is central to the Council’s Standards.
“Later life lending is never a one-size-fits-all decision — it’s about understanding customer needs and ensuring their choices deliver the best outcomes for them and their families.”
