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Older homeowners are considering equity release in increasing numbers, as they look to the plans as a means of improving their income in retirement.
New figures from Hodge Equity Release show that during the last three months, it experienced 75 per cent more enquiries than last year.
Dean Mirfin, of Key Retirement Solutions, attributed the trend to the fact that older Britons have been among the groups who have been worst hit by soaring food prices.
This has led many to build up credit card debt, which they are then paying off with equity release loans, he claims.
Mr Mirfin told the Telegraph: "Perhaps more than anyone, older people are struggling to meet the rising cost of living."
"The cost of living for the elderly has surpassed inflation over the past decade and so consumers need to be are aware of the dangers of approaching retirement with such large amounts of debt."
According to Key's research, just over one in three people over 55 have outstanding unsecured debts.
New figures from Hodge Equity Release show that during the last three months, it experienced 75 per cent more enquiries than last year.
Dean Mirfin, of Key Retirement Solutions, attributed the trend to the fact that older Britons have been among the groups who have been worst hit by soaring food prices.
This has led many to build up credit card debt, which they are then paying off with equity release loans, he claims.
Mr Mirfin told the Telegraph: "Perhaps more than anyone, older people are struggling to meet the rising cost of living."
"The cost of living for the elderly has surpassed inflation over the past decade and so consumers need to be are aware of the dangers of approaching retirement with such large amounts of debt."
According to Key's research, just over one in three people over 55 have outstanding unsecured debts.
