More older people taking out equity-release loans

The number of retired people taking out loans on their homes to provide funds for their retirement has reportedly increased four-fold in the past year.

Reports this morning say the finance firm Seniors Money is expecting around 1,500 to take out an "equity-release" loan on their home this year, compared to between 300 and 400 last year.

The company says the average loan is around €90,000.

Many senior citizens are using these borrowings to pay for home improvements, holidays and debt repayments.

People considering such loans are being advised to think though all their options and to seek independent financial advice on the matter.