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"The figures show that people are increasingly seeing the equity they have built up in their home as a key part of their funding for retirement. For many this is a lifestyle decision, they want to remain in their family home and continue living the way they are used to.

"We have seen the average amount people are releasing increase by 10% this year. Paying off the mortgage remains the main reason people are releasing equity, accounting for 27% of the value of funds released, the second most popular reason for releasing equity is to spend on home improvements, accounting for 20% of funds released."

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