The over-60s hold 17 times more wealth in their homes than those in their early 30s

Older homeowners are reducing their property wealth in record numbers to support retirement plans, help relatives on to the housing ladder or pay off interest-only mortgages.

Figures from an industry trade body show that a record £870 million was borrowed by homeowners over the age of 55 using equity release plans between January and March. This was the highest figure since records began and a 120 per cent increase from the same period two years ago, the Equity Release Council said.

Equity release products allow anyone over the age of 55 to release the cash that they have built from the rising value of their homes without having to sell the house. The two main types are lifetime mortgages, which allow homeowners to borrow money