Homeowners in their early 70s may be looking into equity release as a way to boost their financial situation.

Lorreine Kennedy, founder of Carematters-uk.com, stated this is because they have realised they are no longer able to spend as frequently as they did while they were working.

She explained people of this age still want to maintain a busy and active social life, with equity release being one of the ways they are able to raise money to sustain this.

"As a baby boomer, caught up in the ingrained desire to own property, I firmly believe that my generation will need to rely upon equity release to supplement our incomes," Ms Kennedy said.

However, she pointed out there is an increasing number of people in their 50s who have been made redundant who are considering equity release.

Mario Ambrosi, head of public affairs at Anchor, recently told the Guardian equity release makes sense for a lot of people who need to raise more cash in their later years.