'Do not rely on family home for pension'

The Department for Work and Pensions says one in 10 people rely on borrowing against their property to fund retirement, which In Retirement Services says could cause poverty. The provider warns a property would have to be worth at least £1m at today’s prices to secure a pension of £20,000 from a family home at the age of 65. Halifax estaimates 89,000 properties are worth more than £1m, but about three million people planning on borrowing against property to fund retirement. Equity release has grown in popularity and an increasing number of homeowners are using it as a way to fund one-...