It is designed to be used by intermediaries and other partners as a way of discussing their retirement finances in a more interactive and flexible way.

According to Key Partnerships, while many over-55s are homeowners, they often fail to realise the real difference that their housing wealth could make to their retirement – for example the average amount released is equivalent to over eight years of full state pension payments.

This tool, which is available on Key Partnership’s website, will help introducers drive conversation around property wealth and help clients see how they are able to use all their assets to fund their retirement.

Jason Ruse, business development director for Key Group, said: “We are seeing strong growth in the equity release market, with the recent Key Market Monitor figures suggesting £1.47billion worth of new borrowing was released in the first half of 2020.

“However, a significant proportion of people are still not factoring in property wealth when they plan for their retirement which seems wrong when you consider they could release over eight times their annual state pension from their home.

“To help introducers start these conversations, we have developed this flexible interactive tool that highlights not only what people might expect to spend in retirement but also how all their assets can be used to make their later life more comfortable.

“Equity release is not right for everyone but including later life lending in retirement conversations only makes sense.”