The broker is concerned more work must be done to educate the public after its survey also found just over half of over-55s did not understand how interest rates impacted on equity release plans.

Its survey of over 1,000 people found 15% believed they would no longer own their own home if they took out equity release.

Meanwhile, 70% didn’t understand the difference between tied versus whole-of-market advice.  Age Partnership said this statistic highlighted the need for transparency around the service clients were receiving.

And it said the survey results as a whole brought into sharp focus the knowledge gap which existed when it came to equity release –  a gap which could ‘hamper further growth of the industry’.

Justin Wysocki chief revenue officer at Age Partnership said: “Searching the whole-of-market allows us the find the best possible solution for our client’s individual circumstances.

“If potential clients aren’t aware of this from the beginning of their journey they could end up taking a tied service without even realising.

“Overall, the research shows that there is still an education piece to be done to bridge the awareness and knowledge gap of the general public.

“At Age Partnership we have been advertising equity release on national television for over six years. We know from our own enquiry volumes that this has helped to raise awareness – but there is still a long way to go.”