When presented with the statement that they would still be able to move house when accessing equity release, the majority answered either ‘do not know’ (42%) or ‘false’ (10%), when the correct answer is ‘true’.

The statement that children would have to repay the loan, only 49% answered ‘false’ correctly.

In answer to the statement that it is not possible to release equity if you have a mortgage, 49% did not know, while 16% incorrectly answered ‘true’.

However, 61% were aware that it is false that equity release borrowers risk losing their home, while 95% knew that they would be able to stay in their home, and 76% that they would still be able to leave an inheritance.

Simon Stanney (pictured), equity release director at SunLife, said: “Equity release can offer a solution for many over-55 homeowners looking for a boost to their finances, but it is not for everyone.

“Getting advice is a necessity and it is also important to talk things over with family and loved ones because taking out equity release is likely to affect them too by reducing their inheritance.”