Over two-thirds, or 70%, of equity release customers do their own research before speaking to an adviser about later life lending, according to Standard Life Home Finance.

The later life lender’s Lightbulb Moments survey adds that 34% of customers relied on information from families and friends, while 35% requested guides from various companies. Just one in seven, or 14%, went to see a financial adviser without gathering any information ahead of time.

Customers were asked about their views on equity release ahead of speaking to an adviser and 40% said while the product isn’t right for everyone, it can help some people, while a further 30% felt it was a good way of accessing some of the equity tied up in your home.

However, 22% worried it could impact or stop them from leaving an inheritance, while 15% were concerned they could owe more than the value of their home. Almost one in ten, or 8%, worried they could pass the debt on to their families.

But after speaking with a financial adviser nearly all, or 97%, said they felt they understood equity release, the survey says.

Standard Life Home Finance head of sales Kay Westgarth says: “With increasing numbers of people considering equity release, it is great to see that many are keen to develop an understanding of their options before speaking to an adviser.

“Specialist advice is vital to help people to make the right choices for their individual circumstances now and in the future, but an informed customer is an engaged customer who has genuinely started to think carefully about their options.

“Simply highlighting product features – such as the no negative equity guarantee, the ability to make interest payments and the availability of inheritance protection – can set many customers’ minds at rest. The difference in customer attitudes before and after having a consultation with a financial adviser clearly shows the true value of advice.”

In April, 512 over-55 homeowners were interviewed by Standard Life Home Finance for its survey.