An increasing number of single homeowners are choosing to take out equity release, with the majority of cases involving females, research has confirmed.

Studies released by the Equity Release Solicitors Alliance (ERSA) found that the number of people seeking equity release has steadily risen over the past four years.

The number of couples taking out equity release has declined since 2005, whilst the number of single people using the option has jumped 11% from 28% to 39%.

The highest increase in figures came from women over the state pension age of 60. The figures suggest that elderly single women are seeking equity release after failing to stretch their pension to suit their lifestyle.

"There may be an increased need to generate additional income from equity release, aside from pension and savings, to support a decent quality of living for these women," said the ERSA.

The study added that due to divorce rates reaching their highest rate ever among the over 60s, equity release may be the option for women who struggle to cope without shared income.

Clare Barker, Chairman at the ERSA, said: "Those who are asset-rich but cash poor can find equity release a solution, especially those in single households who want to retain their independence and stay in their own home."

Kevin Neil from Rowlands Wealth Management LLP said :
"Equity Release schemes have developed to become a valuable option for many clients with diverse needs in later years; from inheritance tax planning to long-term care funding through to supporting a desired lifestyle. It is important to only consider plans backed by the industry body SHIP (Safe Home Income Plans) as they have to subscribe to a stringent code of conduct that includes valuable guarantees. It is even more important to obtain specialist legal advice and seek independent financial advice from an adviser that has the specialist qualifications required to practice in this complex area, as there are many different types of equity release scheme available and it is vital the correct one is selected to meet a client's long term objectives as well as immediate need."