How Lifetime Mortgages Are Supporting Single Applicants in Later Life Borrowing

Our data consistently shows is that people either approaching retirement, or who are in the midst of their later years, are increasingly feeling the pinch of years of cost of living rises as single households, and that housing equity is meeting a very real societal need for this demographic, strengthening its position as a mainstream financial planning tool for over-55s.

How changes in single applicant marital status are shaping later life lending demand

Looking across new initial loans as a whole across 2025, we found that:

• 42% of new single life customers were unmarried (up from 36% in 2024)

• 35% were divorced

• 19% were widowed

However, among under-65 men the proportion of unmarried single life customers rose substantially to 52%, also representing a 15% increase over the 37% seen among women in the same age group. Women in this age group, meanwhile, were more likely to be widowed (21% vs 16% of men) or divorced (38%, compared to 28% of men).

At the other extreme of the age spectrum, the prevailing marital status among single life over-80s is (unsurprisingly) widowhood. Among women, this accounts for 60% of new single life business in this age group, with the proportion of comparable men being only slightly less, at 58%. While not as extreme as among under-65s, men remain more likely to be unmarried among new over-80 customers (21% vs 14% of women), while women remained more likely to be divorced (25% vs 17% of women).

Unmarried men and divorced women turning to later life borrowing options

The data points to a cohort of unmarried men reaching the cusp of retirement, being squeezed by rising costs of living and not having a spouse to share expenses and wider financial burdens. Among women, meanwhile, the findings point towards an increased likelihood of diminished income in later life as their share of assets either post-divorce or following a spouse’s passing begin to run out.

How usage trends and priorities diverge across age and gender 

When it comes to usage trends, nearly four in ten (37%) of under-65 men taking out a lifetime mortgage on a single life basis listed debt and mortgage repayment as the primary reason for releasing equity, while 29% of under-65 women are primarily releasing funds for debt and mortgage repayment – 8% less than men.

Why younger single applicants release equity

Younger women are more likely to release funds for home improvements compared to men (26% vs 20%), and are also more likely to release funds for emergency/contingency funds, or to gift to family members. Men in younger age bands, meanwhile, primarily release equity for more discretionary reasons, with cars, holidays and lifestyle improvements all listed in the top five most common primary reasons for releasing funds.

Usage trends among older single applicants

Among single applicants in higher age bands, common primary reasons for releasing funds begin to converge across gender – however, these higher age groups are far more likely than younger borrowers to gift money to family and friends, supporting wider societal patterns around living inheritances and a desire for borrowers to witness younger generations seeing the benefit.

Even among older age brackets men remain more likely to use housing equity to fund things such as cars and holidays, although also notes that repayment of debts and mortgages continues to feature in the top five most common uses for released funds among both men and women aged 80 and over.

Lifetime mortgages moving further into mainstream retirement options

These findings demonstrate the underlying versatility of modern later life lending solutions, which are in turn giving additional options for over-55s to achieve their financial goals, whatever they might be.

While age and gender point towards very different usage patterns among the different gender and age profiles, the unifying characteristic is that they are all comfortable using the equity in their home – whether that’s for gifting, debt repayment, home improvements, holidays, or new cars – and points towards lifetime mortgages continuing to become an increasingly mainstream retirement solution across the demographic spectrum.

Stay informed with changing customer needs and demographics shaping the later life lending market with our Equity Release Market Insight Reports.