More and more people are starting to realise that equity release makes "perfect sense" for them.

This is according to director-general at trade body Safe Home Income Plans Andrea Rozario, who explained why a growing number of Brits may be accessing the cash tied up in their homes.

She pointed out that there has been a "huge" growth in house prices over the past ten to 15 years.

Furthermore, many individuals do not have as much money saved for their retirement because annuity rates are low and pensions have been negatively affected by the credit crunch.

Therefore, Ms Rozaio said "people are coming round to the opinion that using what is your biggest asset to fund a better standard of living in later life makes perfect sense".

She had previously noted that a growing number of Brits are using equity release to help younger members of their family purchase their first home, as it is difficult to obtain a mortgage at present.

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