Research from Stonehaven has shown a large number of Britons have used equity release to end their mortgage commitments and to enter retirement debt-free.
According to the study, 36 per cent used equity release to clear an existing mortgage and a further 37 per cent had done so to fund home or garden improvements.
The study showed that only 10 per cent of the equity release specialists’ customers have used their services to cover daily living expenses.
Alice Watson, product and communications manager at Stonehaven, said: “Equity release is changing. The products are evolving, and we’re hearing from advisers that what people want as they approach retirement is changing too.
“It’s becoming clear to more and more customers that equity release is able to offer the real flexibility they need.”
The percentage of new equity release customers aged between 55 and 64 increased during 2014, research by the Equity Release Council has shown. Figures show the proportion went up from 17 per cent in the first half of 2014 to 20 per cent in the second half.