"More than a quarter of our customers are gifting some or all of the proceeds to help their family and friends meet their own financial goals — demonstrating the positive role equity release can play in intergenerational wealth transfer and the broader societal benefits delivered as a result of the market growth.
"However, in a more complex product landscape it is essential that customers receive quality specialist support as good advice is key to ensuring the best possible outcomes."
Stephen Lowe, group communications director at Just Group, said it was clear equity release continued to be an attractive market with strong demand.
He added: "Customers are continuing to use retirement lending to help them achieve a better later life.
"The sheer scale of the value of wealth tied up in property among the over 50s means equity release will continue to play a core role in financing people’s retirement and wider financial plans."
In January, a poll by Canada Life Home Finance found the overwhelming majority of IFAs expected record lending in the equity release sector in 2019, and the Equity Release Council's spring 2019 market report showed a rise in the demand for equity release across all regions.