Media playback is unsupported on your device

Government should launch equity bank, expert claims

10 June 2014 Last updated at 13:17 BST

Older people should be able to sell part of their home to the government in return for a lump sum or regular income, a financial expert has claimed.

A report from Cass Business School and the ILC suggests that a government 'equity bank' would help elderly people who have low incomes, but high value properties.

Professor Les Mayhew, who wrote the report, told BBC Radio 5 live's Wake Up to Money the scheme would make "a lot of sense" and could be integrated into the welfare system.

The proposals are due to be discussed in the House of Lords this week.