People struggling to pay for care are turning to equity release as a means of financing their future, which is a decision not to be taken lightly, it is believed.
Gordon Lishman, director general of Age Concern, says people should not opt to pay for care using their property for as long as they are still living in it.
"Many local authorities have strict eligibility criteria for home care which means all too often, older people are not getting the care they need, even though they may be entitled to it," he continues.
The expert also believes elderly individuals who are "asset rich, cash poor" look at equity release as a way of releasing cash, despite it being a major commitment.
Debt management may be preferable for those who cannot afford to fund their futures, although Mr Lishman urges people to seek out the benefits they are entitled to before looking into other options.
The Resolution Foundation reported that people over the age of 65 had £500 billion in un-mortgaged equity tied up in their homes.
Westminster and Kensington and Chelsea were the two councils with the lowest number of care beds per 1,000 of the over-65 population, it claims.