“To support the growth of the later life lending market, it is vital that we take the time to consider and question how the sector operates. Today’s ‘Great Expectations’ report sponsored by the Equity Release Council raises a variety of questions but also highlights the true potential of this market.

“Our own ‘Lightbulb Moments’ research highlights some of the challenges facing the market when it comes to encouraging people to engage with products and advice.  Indeed, while 82% of people who took out equity release were happy with the experience, 21% of female customers were concerned about speaking to an adviser as they didn’t know what to expect.

“It is this type of disconnect that we need to address as it raises the very real concern that more people are not considering all their options. This could be because they either hold misconceptions about the products or are unsure of the process.

“Today’s report is a step forward and we need to carefully consider the conclusions so that advisers can help support people in making decisions that are right for their individual circumstances.”