Over a quarter, 27 per cent, of those aged over 65 released equity in order to clear their mortgage in 2019, according to data collected by LV=.

This figure is up on the 15 per cent recorded in 2016, and 19 per cent in 2017. However, the number of homeowners aged over 65 who release equity to clear their mortgage debt spiked in 2018 when it reached 29 per cent.

The data also shows that the number of homeowners who released equity to put towards home and garden improvements has steadily declined, falling from 32 per cent in 2016, to 24 per cent in 2019.

Furthermore, to ‘threat or help family and friends’ rose from 8 per cent to 16 per cent, and to ‘top up income’ fell from 25 per cent to 13 per cent, between 2016 and 2019, the data outlines.

LV= strategic sales manager Georgina Oxton says: “Over the past four years, the equity release market has grown significantly as more versatile products have been introduced to meet changing requirements of customers.

“However, it is striking how the reasons why people are using equity release are changing. With pension income often being less than hoped for and high levels of consumer debt, an increasing proportion of customers are using the equity in their homes to pay off loans and outstanding mortgages.

“For customers with interest-only mortgages having no means of repaying them, equity release would be one option as people have the added security of still living in their home until they die or go into long-term care.

“Equity release is proving popular with women for a variety of reasons. More women are retiring with relatively small pensions due to the fact that they generally live longer than men, earning lower wages and rising divorce rates for the over 60s.”