Homeowners approaching retirement with outstanding debts should consider setting up equity-release drawdown facilities now, even if they’re not sure they will need them, according to advisers.

Research this week showed that the over-55s currently owe more than £11,000 on average, and half of all retirees still have a mortgage or other debts. They are being advised to lock into equity-release plans based on the current value of their properties, before house prices fall further.