People thinking of taking out equity release have been urged to include their families in the decision.

Karen Barrett, chief executive at independent website unbiased.co.uk, said children in particular may wish to be involved in the process.

This is because they could have an emotional attachment to the property that is being put up for sale.

"Involving all parties in the decision-making process can avoid upset at a later stage," Ms Barrett stated.

She also highlighted that other close relatives may have financial interest in the house.

If individuals want some advice on the matter, they should only speak to someone with the "relevant qualifications" who specialises in equity release and can asses the entire market, the expert stated.

Trade body Safe Home Income Plans also notes that individuals are responsible for the upkeep of their property when taking out equity release, while they must also have home insurance.

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