Its research found that younger homeowners are more likely to view their property a way to help fund their retirement.
More 2 Life’s research showed that around 45% of those aged 45 to 54 believe their property is part of their retirement planning compared with 30% of those aged 55 to 64, and 22% of those aged 65 and over.
Jon King, managing director of More 2 Life, said that it is seeing a shift in attitude among people with mortgages, who are realising that their property wealth should play a role in retirement income.
King said: “On the face of it, conditions for growth in the equity release market are perfect with a change in attitudes as well as factors such as rising longevity meaning people will need income to last longer if they want a comfortable retirement.
“However, the industry needs to innovate and make its solutions more flexible and relevant for customers and adapting to changes in lifestyle.”
More 2 Life figures suggest that the market for enhanced equity release has grown from nothing since its launch in Q3 2010 to 9.3% of the total equity release market at the end of September 2011.
