Mr Christy and Mrs Molly Heffernan have lived in their house in Santry in north Dublin for 30 years. They have seven children, all married with families of their own.

The family lived in England for several years, where Mr Heffernan worked as a foreman carpenter in Hackney in London. The couple are in receipt of a state contributory pension and small pension from England.

To supplement their income, Mr Heffernan continues to work as a building contractor, something he would like to cut down on in the future.

Their three-bedroom house is worth £180,000 (€228,500) and last year the couple first decided to examine the possibility of raising some capital based on the value of their home.

The couple are happy with their lifestyle, but would prefer to have the security of some extra money to fall back on.

Moving house to generate money is not an option for Mr and Mrs Heffernan. "We know this district very well and it's safe here. We have great neighbours and we look out for each other," Mr Heffernan said.

The Heffernans would only be interested in a financial arrangement that would allow them to stay in their house for the rest of their days. They also want to get the best deal possible.

Mr Heffernan is not tempted by the Bank of Ireland Life Loan. "We are not interested in loans at all, it's no good talking about it."

He would consider the Residential Reversions scheme, but would be concerned about the issue of ownership. The Heffernans are pleased that they are in a position to weigh up their options now.

But the couple would not make any decision without the advice and support of their solicitor and accountant, as well as the rest of the family. The Heffernan children are spread across Canada, France, England, Australia and Ireland. Their parents have discussed the idea of equity release with them and the children are very encouraging.

Mrs Heffernan said her children's first priority would be to see herself and her husband comfortable and secure.