Since the value of property has soared in the Irish market many older people have ended up sitting on a goldmine that is of no real benefit to them. For those who have a comfortable income, this may not cause much frustration but there are increasing numbers of elderly people who are asset-rich but poor in income and there's very little they can do about it.

One Family Money reader, Mr Desmond Wigglesworth, who is an accountant and investment consultant based in Hertfordshire in England, has been trying to find a financial arrangement to help his sister and brother-in-law boost their income.

The couple are in their 70s and live in a house in Dublin, valued at £170,000. Despite Mr Wigglesworth's best efforts and expertise in the area, he was unable to get any financial institution to provide a custom-made equity-release plan.

According to Mr John Costello, solicitor and author of Law and Finance in Retirement, it is possible for such a scheme to be arranged privately between an older person and a relation or friend, provided both parties receive independent legal advice. Unfortunately, not everyone has a relation or friend with sufficient funds to help out in this way.

Mr Pat Farrell, head of marketing with EBS Building Society, maintains that there is no particular demand for equity-release plans here. He said it was not a product EBS was looking at right now. Apart from AIB, which says it recognises the demand and sees involving relatives as the way forward, no other Irish building society, insurance company or bank has shown an interest in developing this kind of financial product to date.

Mr Joe Heneghan, mortgage product manager with Irish Life and Permanent, said that equity-release plans were a complex product with a lot of work and risk involved for the lender.

IL&P has looked at the product but according to Mr Heneghan its research has identified a reluctance among elderly Irish home owners and their children to dilute their stake in the family property.