Total lending was up 39% year-on-year as £46.5m was released from a total of 1,161 plans.
Dean Mirfin, group director at Key retirements Solutions, said: “Scotland has consistently shown strong performance during 2012, which we believe is reflective of the fact that equity release is becoming more widely accessible and more information and advice has become available.
“ Where Key has expanded its sales force we expect the trend to continue throughout 2013 as more in Scotland find ways to access that advice and information that’s available.”
Loan levels may be higher in Scotland but how those releasing equity use the funds is considerably different to the rest of the UK.
Home improvements, the most popular use of released funds in the rest of the UK, is 50% less common as a reason for a release by Scottish residents.
The major reason for releasing equity in Scotland is to fund day to day living, including meeting the cost of regular bills, and it is used at almost double the rate of anywhere else in the UK.