The UK is famously a nation of proud homeowners. However, there is one element of homeownership that we still seem reluctant to discuss; using the home as an asset to fund later life.

This unease means that many people will turn their noses up at solutions such as lifetime mortgages, mistakenly seeing them as a last resort for people who need cash, as opposed to a product for those who want to maximise the management of their assets.

The property market boom in recent years has led to a large proportion of the nation’s homeowners witnessing a substantial increase in the value of their home. The majority of people in England aged 55 or over own their own home (74%), which means that the property wealth of the over 50s has staggering potential, representing £3.8tn that this group could be taking advantage of.

The number of wards in England & Wales with a median house price of more than £1m has increased by 60% in five years, from 25 wards in June 2016 to 40 by June 2021, according to data from the Office for National Statistics. The essential rise of ‘property millionaires’ means that far more people could reconsider the home as an investment to build a better future.

The lingering negative perception of equity release means that many people may question why someone would turn to it if they had other options available to them. This is informed by long-outdated attitudes about the role property should play in the financial mix.  Using property wealth can be a hugely beneficial addition to a range of products, particularly when looking at the changing pressures placed on the modern retiree.

Many people nearing, or at, retirement support younger family members, providing money for a range of issues from support with day-to-day expenses to help with a deposit for a first home. Whilst the property boom may favour longer term homeowners, it’s generally less favourable to new entrants. Using equity can be a useful way to help children or grandchildren, without compromising the gifter’s own financial wellbeing in the process.

Hesitance around using property wealth can often come from people’s desire to ensure that they have a tangible asset to pass onto younger generations. However, with people living longer, many are likely to see the benefit of providing a living inheritance instead. Not only does this allow customers to help their loved ones out earlier, perhaps when the money is needed more, but it can also help manage their estate to maximise the potential benefits for their families. With many properties predicted to have past the inheritance tax threshold, property wealth can be used to make smart choices that also secure the hoped-for legacy that will aid loved ones.

It’s vital that advisers challenge some of the assumptions surrounding equity release. Even clients with significant wealth, or other assets, can benefit from using property as part of a holistic mix that maximises their financial capability. Currently, it presents an untapped resource for many people who form a generation with high levels of homeownership, who have also benefited from the long-term increases in property values.

The industry needs to better demonstrate the value and importance of property wealth when used in conjunction with other, more traditional, retirement products. As well as being mindful that a shift in perceptions may be one of the biggest barriers for future clients. With house prices as they currently are, lifetime mortgages can potentially offer a smart choice to become part of ongoing financial planning.

In turn, the market itself must evolve to reflect this new type of customer, offering flexible products that give advisers more opportunities to introduce property wealth as part of any sensible conversation at the point of retirement. This could include features that allow people to manage the interest roll-up or higher LTVs.

As the needs and expectations of consumers change, it is vital we continue to evolve what constitutes best advice. Shifting the understanding of who equity release is suitable for could go a long way to, not only helping advisers grow their business, but also allowing homeowners to live more flexible lives long into retirement.

Craig Brown is chief executive of Legal & General Home Finance