Many pensioners are now tapping into the equity from their homes as a last resort to pay off debts.
It is apparent that others are using the equity to pay for a more comfortable retirement while some are using the money to hand down to their family or for making large purchases.

Charity Age UK have complied a report which makes these claims. However, since the beginning of the global downturn, there has been a general trend of increasing rather than drawing out equity.

UK homeowners increased the value of their stake in their properties by £22.3bn last year, the latest Bank of England figures showed.

They reflected continued decisions by homeowners to pay off more of their mortgages, unlike the previous 10 years, when homeowners had borrowed £327bn against the inflated value of their homes.