The average age of a person taking advantage of equity release products is falling, according to trade body Safe Homes Income Plans (Ship).

Andrea Rozario, director-general of the organisation, stated one of the main benefits of such schemes is they allow homeowners to raise money from the value of their residence without having to commit to any monthly repayments.

"Alongside that you have security of tenure, so you don't have to worry about being evicted from your property because you can't keep up with payments," she pointed out, adding equity release is usually for those who have retired.

But Ms Rozario explained the average age of people taking out equity release plans has fallen and now stands at around 67.

Lorreine Kennedy, founder of Carematters-uk.com, recently said individuals in their 70s are increasingly considering equity release as a method to boost their financial position, although some people in their 50s who have been made redundant are thinking about it as well.