More than 10% of those applying for loans from equity release firm Seniors Money are borrowing against homes valued at more than Euro1,000,000. Some applicants have properties worth up to Euro5m.

Tara Collins of Seniors Money said that 74% of applicants planned to spend some or all of the money on the home itself, suggesting that the cost of maintaining a valuable pile is becoming prohibitive for many people who would otherwise be considered wealthy.

Surprisingly, those applying for equity release loans tended to be better off than average, according to the company. The average property value of applicants in Dublin is Euro857,270, while the average Dublin house price stands at approximately Euro430,000. More than 20% of applicants in Dublin are, at least on paper, millionaires.

The elderly borrowers were relatively cautious, however, drawing an average of only 12% of the value of their properties.

Equity release schemes allow homeowners over the age of 60 - and older in some other schemes including those offered by Bank of Ireland and IEX-listed Ardent (which trades as Ship) - to borrow against the value of a house without having to move out.

The schemes have been controversial, not least because many children are reluctant to see their parents "releasing" some of their inheritance.

Others have suggested such schemes may be the only way to fund the skyrocketing costs of long-term care for the elderly, particularly as pensions gaps yawn wider.

Some 1,500 pensioners were thought to avail of an equity release scheme in 2006, a number expected to grow over the next decade.