Jason Ruse, Key Group’s business development director, said “the number of features has also boomed”.
Equity release products are now offering more options, such as interest repayments, downsizing protection and inheritance protection.
Springall agreed that lenders are offering more flexibility in their deals, by taking a more tailored approach and discerning between ages or different lump sums based on affordability. "Lots of adverts around equity release are making people re-think their options, too," Springall added.
Whilst both experts agreed that more optionality was a good thing for the sector, Ruse highlighted the need for advisers to communicate this effectively with borrowers.
“While this type of growth in numbers and features should be welcomed, it does highlight the need for advisers to keep a close eye on what is happening and what features each lender is able to offer,” said Ruse.
“Things are changing fast at the moment and in just six months, we saw 21 per cent more products that advisers need to consider.”