In the first quarter of this year the number of over-55s turning to equity release products increased year on year but they took less cash out on average than previously.

Dean Mirfin, the well known chief product officer at equity release specialist Key Group, is to leave his executive position with the company to pursue other opportunities, the company said today.

A third of over 50s say they do not think they have enough money to provide them with sufficient income for their retirement.

Sales of equity release drawdown plans were said to be “rising strongly”, new data from over-55s adviser Key has revealed.