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Older homeowners are releasing an average of more than £100,000 from their properties, in what is being termed a middle-class stampede towards equity release.
Two separate studies found that homeowners were able to access triple-figure cash pots when taking out equity release deals- also known as lifetime mortgages.
This is when older homeowners take out a new mortgage on their home, allowing them to access some of the money tied up in it to spend in their later years.
Older homeowners are getting an average of more than £100,000 when they take out equity release mortgages - but there are plenty of risks involved