Individuals need to carefully assess their options if they are thinking of taking, one expert believes.

Independent financial adviser at Wayne Austin IFA Paul Rumbold pointed out that once people decide to go down this route, they cannot change their minds without losing cash.

If they do opt to reverse the transaction, they will have to pay back the money they borrowed, as well as interest and fees, he explained.
Furthermore, it is important to take the extra charges involved with the process into consideration, Mr Rumbold stated.

"All fees payable to the adviser, solicitor, valuer and lender need to be considered, because the amount of equity released can be quite small, these fees can seem high," the expert continued.

He had previously noted that there are two main types of equity release - home reversion plans and lifetime mortgages - which work in slightly different ways, meaning it is important to seek advice on the matter.

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