Norwich Union says the equity release market needs more high street providers, greater competition and a wider range of products if it is to continue growing.
Daren Carter, director of sales and marketing at Norwich Union Personal Finance, says: A Social Market Foundation report into the equity release market [commissioned by Norwich Union] said that if the market is to grow, consumers need to be more aware of equity release and big name brands need to enter the market bringing a wider range of products and increased competition.
Consumer confidence in equity release products will increase demand and encourage high street banks and building societies to enter the market.
This will bring greater product innovation and competition to the consumers benefit.
As the equity release market grows, more people will realise that it is one of the tools that can be used to fund retirement.