More homeowners than ever are tapping into the equity in their homes to cover a variety of expenses, figures from Responsible Equity Release show.
The number of people releasing equity from their homes is up almost three quarters (72%) so far this year compared to 2016.
May also saw a monthly increase of almost 14% of equity release plans taken out by UK homeowners.
Steve Wilkie, managing director at Responsible Equity Release, said: “The equity release market has had a healthy start to the year.
“The flexibility and innovation of new products has opened up the equity release market to a new audience.
“People are now starting to appreciate that as well as being the most valuable asset they own, their properties can also be seen as savings accounts which they have been paying into for years.”