Gordon Lishman, director general of Age Concern Britain, warned that older people should check they are receiving all the benefits they are entitled to and that they have explored all other options before committing to an equity release product.

Lishman said: “Many older people find it frustrating to have their wealth trapped in their property while they struggle to manage on a low income. Unlocking capital in their home is one way to raise cash to cover basic living costs or simply to make retirement a little easier.

“We have been contacted by thousands of people who are considering equity release but are nervous or unsure about how to proceed. The Age Concern Lifetime Mortgage has been specifically designed to meet the needs of a wide range of older homeowners and ensure that older people have access to a high quality product.”