"With historically low rates and portable loans, they are a much more viable option for some borrowers."
The lowest interest rate available today is 2.84% from more2life, at age 65. Average rates have plummeted in the last 18 months, falling from 5.4% for customers aged 65 to 4.55% today.
Retirement interest-only rates have also dropped and the lowest rate available today is 2.79% from Marsden Building Society.
Brian Brown, consumer finance expert at Defaqto, commented: “Equity Release has been criticised for being expensive and inflexible in the past, but with historically low rates and portable loans, they are a much more viable option for some borrowers."
