Equity release offers a much larger range of options than what most people will already know about, it has been claimed.
According to Saga Personal Finance, moving to a smaller property and assessing existing savings and investments are also options which should be considered.
However, the company added that special financial advice should be sought before making a decision, as many financial advisers may not actually be qualified to consult on the issue.
"The decision to release equity from your home is a big one and we would recommend anybody considering it to take specialist financial advice," said Claire Cracknell, director of marketing for Saga Personal Finance.
Saga provides services for people over the age of 50, including holidays around the world and cruises.
It also offers insurance and financial products and has a radio station and award-winning magazine.
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