The number of retirees turning to equity release to fund their long term care needs has soared since the start of the financial crisis.
Increasing numbers of over 50s are using equity release products to pay off outstanding mortgages and unsecured debts, according to a new report.
Total equity release lending to Scottish homeowners rose by 39% in 2012 compared to the previous year.
The equity release market could exceed £1 billion this year after the third quarter saw plan sales and lending rise by 11%.
House prices in Scotland took their steepest monthly fall since the start of 2009, with wet weather being blamed for the slump in the market.
Retired homeowners gained a total of £13.66 billion on their property value in the past three months, research has found.
The government is to announce details of a deferred payment scheme for residential care for the elderly, which will allow councils to lend individuals money to pay for care, then recoup the money when their house is sold after their death.
10 hints and tips for older homeowners looking to free up wealth tied in property
Britons are becoming increasingly confident in the outlook for the housing market, according to the latest Halifax housing market confidence tracker.
Equity release advances of £199.1m were made by Safe Home Income Plan members in Q1 of 2012, an increase of 10% on the same period last year at £181.6m.
Legal & General and Buckinghamshire Building Society have launched a retirement mortgage for asset-rich over 65s, the only one of its kind in the market.
Annuity provider Partnership, has found that almost 41% of consumers aged 45-85 say that they would need to fund long-term residential care by renting or selling their property.
Research carried out by retirement specialist reveal that 80% of advisers new to the equity release market believe equity release will be considered a mainstream financial product in the next few years.
Consumer loyalty could be costing some an excess of £780 a year, compared to those who look around.
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