More than 70 per cent of people use the money from equity release mortgages to fund home improvements, according to Norwich Union.
Holidays, cars and topping up income are other things people frequently use the money released from their houses for.
Mark Kelly, director of Norwich Union Personal Finance, noted: "Lifetime mortgages are popular with people who want to maintain their lifestyle after they retire.
"Many older people - particularly those on low incomes - use them to pay for home improvements such as new windows, conservatories and even to pay for things such as new central heating systems."To read more about homeowner loans, click here.
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