Elderly home owners should be able to release some of the equity tied up in their property in order to fund care services or boost their pensions, according to a government taskforce on Tuesday.

The group, made up of banks, pension funds, interest groups and government officials, says the move would allow people to benefit from the extra value in their properties. On average, property owned by the over-65s is worth €250,000 more than the mortgage.

‘People want to remain in their own homes as long as possible. They want to keep control over their own lives,’ said former Labour MP Paul Tang, who is one of the people behind the initiative.

Housing minister Stef Blok is positive about the idea but says mortgage providers must come up with the scheme, Nos television said.