"Obviously the demand from the consumer is there, either from the need to repay historically poorly structured mortgages or to allow the consumer the ability to maintain a higher standard of living."
But Steve Paterson, director at Teesside Money, said equity release was still complex and sound advice on the product was vital.
He said: "The equity release market has taken off in the past year and at some point it has to be addressed as a viable option. It can be particularly useful for people who are coming to the end of interest-only mortgages, are approaching retirement and don’t want to leave their homes, but their high street lenders want the loan repaid.
"It is a misunderstood product at times, but can be fantastic for the right people. However, it is complex and it needs sound advice."
Mr Burrowes added consumers should benefit from taking a more rounded approach to their retirement planning and considering property assets alongside their savings and pensions.
He said: "It is important this recommendation is implemented in a way that recognises the need for specialist equity release advice and promotes joined-up thinking about the full range of options available and how people’s needs may evolve at different stages of life."