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Asset-based Welfare, Equity Release and the Meaning of the Owned Home

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  • Lorna Fox O'mahony
  • Louise Overton

Abstract

The advantages of ownership--both financial and personal--were a prominent theme in UK government policies promoting owner-occupation in the latter half of the twentieth century. More recently, the liberal discourses of the 'ownership society' have been conflated with the neo-liberalisation of welfare to restructure the socio-political ideology of ownership around accumulation and decumulation of housing wealth. This paper analyses findings from a new qualitative study to explore the tensions that this shift has created for owner-identities. Equity release transactions provide a prime context to explore the role of homeownership ideologies on participation in asset-based welfare: these are conceived as products that enable older owners to de-cumulate housing equity while continuing to occupy their homes and retaining the 'badge' of ownership. This paper focuses on the impact of housing wealth decumulation through equity release on the meanings of the owned home and to reflect on the role of feelings about ownership on participation in asset-based welfare.

Suggested Citation

  • Lorna Fox O'mahony & Louise Overton, 2015. "Asset-based Welfare, Equity Release and the Meaning of the Owned Home," Housing Studies, Taylor & Francis Journals, vol. 30(3), pages 392-412, June.
    • Handle: RePEc:taf:chosxx:v:30:y:2015:i:3:p:392-412
    DOI: 10.1080/02673037.2014.963523
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    References listed on IDEAS

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    1. Alicia H. Munnell & Steven A. Sass, 2014. "The Government’s Redesigned Reverse Mortgage Program," Issues in Brief ib2014-1, Center for Retirement Research.
    2. James Banks & Carl Emmerson & Zoe Oldfield, 2005. "Preparing for retirement: the pension arrangements and retirement expectations of those approaching state pension age in England," IFS Working Papers W05/13, Institute for Fiscal Studies.
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    Cited by:

    1. Louise Overton & Lorna Fox O’Mahony, 2018. "Stakeholder Conceptions of Later-Life Consumer Vulnerability in the Financial Services Industry: Beyond Financial Capability?," Journal of Consumer Policy, Springer, vol. 41(3), pages 273-295, September.
    2. Siliang Wang & Conghui Cheng & Shukui Tan, 2019. "Housing Determinants of Health in Urban China: A Structural Equation Modeling Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(3), pages 1245-1270, June.
    3. French, Declan & McKillop, Donal & Sharma, Tripti, 2018. "What determines UK housing equity withdrawal in later life?," Regional Science and Urban Economics, Elsevier, vol. 73(C), pages 143-154.

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