Equity release has become a popular retirement finance option, but it is essential that people speak to advisors before committing to a plan.

This is the view of Andrea Rozario, director general of the Equity Release Council, who said it is important to carry out some independent research and gather some expert opinion.

She pointed out that equity release allows people to remain in their home and at the same time access some of the wealth tied up in their property.

But it is not for everyone, and equity release plans do vary, so advice and guidance is often required.

"Advisors are incredibly important when it comes to equity release," said Ms Rozario.

"Not only will they help the consumer to decide if equity release is right for them, but also make sure that they are getting the benefits they are entitled to."

Figures from the Equity Release Council show that in the second quarter of this year homeowners released the highest amount of equity in a single three-month period since the fourth quarter of 2009.