The number of equity release products on the market have more than doubled from 58 in 2016 to 139 in August 2018, Equity Release Council stats show.
This corresponds with an 81% increase of equity release customers between H1 2016 and H1 2018.
More products are flexible, as four in five (80%) allow consumers to make ad-hoc, ad-hoc, penalty-free voluntary or partial repayments of their loan, up from 68% a year ago.
David Burrowes (pictured), chairman of the Equity Release Council, said: “These figures highlight the rise in new products and increased product flexibility, which is helping older homeowners to fulfill a host of pressing personal, social and financial needs.
“This innovation has brought more competition to the later life lending arena, while maintaining the standards and protections which ensure equity release products are futureproofed to provide good outcomes for consumers.
“As customers navigate their way through a growing range of product choices – including retirement interest-only mortgages – the appropriate advice, guidance and support is needed to weigh up the various benefits, costs, flexibilities and protections to ensure they are suitable to meet both current and future needs.
“Industry and regulators must continue to work to ensure customers are aware of all the options available to them when deciding how best to support themselves and their families in later life, taking all their assets – including pensions, savings, investments and property – into consideration.”