Nine out of 10 equity release borrowers would recommend it to family and friends, according to Key.

The equity release adviser found that more than two in three equity release customers say it’s made a substantial difference to their quality of life.

In the last 20 years more than £32.6bn of property wealth has been released with 557,000 customers and their families benefitting from the money which has also helped boost the wider UK economy.

Good advice

The vast majority (92%) of customers said their adviser had explained the product and process well or very well, and around 60% involved family who were supportive of their choice.

Over a third of borrowers say equity release has improved their general standard of living while 23% say it has enabled them to support family. Half (50%) said it had eased day-to-day financial worries.

One in ten (10%) said it had not improved their standard of living.

No regrets

More than half (56%) have no regrets about taking out equity release, while 12% said they regret not borrowing more.

One in five (21%) said that they regretted that when they took out equity release there were no other alternatives and 15% were concerned about the reduced inheritance for family.

Will Hale, CEO at Key, said: “Equity release has made a significant difference to the lives of many people and has evolved into an industry that with a clear focus on customer needs. Very few industries can say that 90% of customers would or have recommended their products to others and only 10% say that taking out a plan has not improved their standard of living.

“There is still more that needs to be done on developing products that provide the increased flexibility that today’s customers demand and considering how we as an industry tailor advice to ensure that it keeps pace with how the later life lending market is evolving. We must continue to stay close to the customers we serve and strive to exceed the expectations of our regulator.”