Equity release could be a solution for the many retirees who have a significant amount of money tied up in their home.
Research has revealed people over the age of 55 typically live in houses worth £238,284.
This is 46 per cent higher than the value of the average property in the UK, which currently stands at £163,311, the report from Aviva noted.
As a result, those who are struggling to make ends meet may wish to use some of these funds to provide their income with a boost in later life.
It could be a solution those over the age of 75 want to consider, as the study found the value of their homes to be the highest at around £262,508.
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