Up to 122 equity release products have been rated five-star in Moneyfacts’ Equity Release Star Ratings 2021.
This is up from 95 products in 2020, the data shows.
The number of products available for rating has increased year-on-year by 38%.
This increase in products reflects the expansion in the choice available to borrowers in the equity release sector, including additional drawdown, interest servicing and cashback options, according to Moneyfacts.
Moneyfacts also noted that the products awarded four or five-star ratings offer the most comprehensive range of standout features and competitive limits, which set them apart from the rest of the market.
An estimated 91% of consumers would agree that a star rating from an independent and impartial company could influence their decision in considering taking out a financial services product, Moneyfacts detailed.
Lee Tillcock, editor of investment life and pensions at Moneyfacts, said: “With product flexibility continuing to grow in order to meet high demand, the equity release sector has witnessed greater innovation as providers serve changing consumer needs.
“Older homeowners looking to unlock cash from their homes now have an unprecedented choice of equity release products and options to choose from.
“The annual Moneyfacts Equity Release Star Ratings provide consumers with a valuable insight into the quality of the equity release features on offer, outside of the products’ key features.”