The findings showed the most common reason clients asked advisers about equity release was to supplement their retirement income.
Some 63 per cent had used it to bolster their pension pot while 32 per cent wanted to provide financial support for loved ones.
Andrew Gilbert, head of life products at LV, said: “For most homeowners their property is one of their biggest assets – one they’ve probably spent most of their adult life paying off a mortgage or two to fund – and equity release is now increasingly being seen as a mainstream option in retirement and rightly so.
“As providers we are continuing to introduce new equity release products to help meet people’s retirement needs, and I believe that it’s our job to help equip financial advisers with the knowledge and products they need to provide their clients with the right choices to support their retirement journey.”
Mr Gilbert thought “truly holistic retirement advice” was currently “the exception, not the norm” but that equity release should be considered alongside other options in making the best provision for retirement.
Mr Patterson said: “I think we need more advisers as things develop. There are other products coming in all the time while lower rates and competition means there are more and more options for consumers.”
Jason Ruse, head of Key Partnerships, said: “Given the work that lenders such as LV and More 2 Life have done to educate the market, it is disappointing that 70 per cent of advisers feel there are barriers to them advising more of their clients on equity release.
"However, when you dig into the details you find that these barriers are not actually insurmountable and more of a concerted effort is needed by the industry to ensure that advisers, mortgage brokers and wealth managers actually understand the market."
imogen.tew@ft.com
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