Over the last year, clients of Consumer Credit Counselling Service’s (CCCS) equity release advice service unlocked an average of £29,983 of capital from their homes to help pay down debts and meet other costs.

Homeowners over 55 contacting CCCS for help last year owed an average of £29,772 on credit cards, personal loans and other unsecured debts. The charity says that increasing numbers of its older clients have released equity from their property as a way of clearing what they owe.

Tom Moloney, CCCS equity release manager, said: “Many clients are rightly cautious when considering equity release