"Flexible options to access housing wealth are helping the nation’s growing population of older homeowners to fund lifestyle purchases, satisfy daily needs, support long-term financial planning or assist their families."
He added: "As the demand for equity release grows, so does the need for quality advice. Products recognised by the Council remain the only route which guarantees product safeguards, regulated and qualified financial advice and independent legal counsel to help identify whether they fit a customer’s later life needs.
"Equity release is not a ‘silver bullet’ for every retirement need, but a growing number of homeowners are finding it can be a solution to meet a range of financial goals."
Nici Audhlam-Gardiner, managing director of OneFamily Lifetime Mortgages, added: "The equity release market continues to go from strength to strength, as more homeowners realise the potential of releasing capital in their property.
"Among OneFamily customers the most common reasons for over 55 year olds to use equity release are funding retirement, home improvements, consolidating debts and helping their children and grandchildren get on the housing ladder.
"The growth in the market is in part being driven by the increasingly flexible products available, meaning advisers can help a wider range of customers. Developments such as the ability to pay interest or drawdown on the loan monthly, and higher loan to value products are driving greater choice."