The number of equity release products has grown significantly in the past decade, the autumn Equity Release Market Report from the Equity Release Council has shown.
A total of 51 new products have come to the market since 2014, to bring the total to 78 compared with just 24 product options that existed in 2007.
The number of products offered by members of the council grew by 34% in the year to August 2017.
Nigel Waterson, chairman of the Equity Release Council, said: “The explosion in product options over the past decade is testament to the work done by the sector to meet increased consumer demand with solutions tailored to varying customer circumstances.”
As of August 2017, over two thirds (68%) of products allow customers to make ad-hoc repayments free from early repayment charges to reduce interest.
Average equity release rates fell again between January and July 2017, with a fall of 15 basis points.
Waterson added: “Such growth also comes at a time when the challenge of ensuring adequate financial provision for consumers in later life has never been greater.
“It is therefore clear that the role of housing wealth in funding retirement will only become more important in the future.”
Total lending reached a record £1.4bn in H1 2017, up from £0.9bn the previous year.