As of the end of August, there were 525 options on the market, up from the 315 counted at the end of 2019.
Equity release providers are becoming more innovative in product development too, as the number of plans allowing interest payments have more than doubled, from 81 at the end of October 2019 when the research was last undertaken to 186 in August.
The number of drawdown plans has also increased to 294, more than triple that of the 90 plans offering it in October last year. The number of plans offering fixed early repayment charges has also increased by 48 per cent to 207.
The only product features to see a drop was those offering inheritance protection, which fell by 27 per cent to 72.
Jason Ruse, business development director at Key Group, said: “While the equity release market – as with other sectors – has had to work hard to weather the current pandemic, we have still seen significant product innovation and development.
“Indeed, with more funders than ever active in the market, there is more choice and more competitive interest rates than ever which is great news for customers.
“That said, it is important to ensure that when customers do look for support around how to access their housing equity, they consider all their options and pick the right product for them.”