Latest figures from the Institute of Public Policy Research have shown that a number of pensioners are using equity release as a means of debt consolidation.
Almost a million pensioners with more than £100,000 of equity in their property are on means-tested benefits and half of retired people live on less that £128 per week despite having three or four spare rooms in their homes.
Our view
Releasing equity from schemes via Lifetime Mortgages or Home Revesrion Schemes is a complex area of financial planning. For some it can be risky, for others it is a 'superb' move.
You need to seek high quality advice.