Ms Drakard added: “I think it will become the norm. I think at some point soon almost everyone who reaches retirement will need to release cash from their property.”
Mr Knight agreed, adding many over-55s remained unaware of the “positive role” their housing wealth could play for their retirement.
Meanwhile Dave Harris, chief executive at More 2 Life, said the industry needed to encourage more advisers to consider and understand equity release in order for the sector to keep growing.
He added: “Through lender-based initiatives like symposiums and online resources, we can help educate more advisers on the later life lending market, and explain how incorporating lifetime mortgages into their conversations with clients will help boost their business and help more customers find the right solution to meet their needs.”
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