However, the expert added that people who are interested in equity release should seek financial advice.
"It is true to say that there is a general lack of understanding of equity release with the general public," he explained.
"As equity release is a major financial decision we would always encourage the public to seek independent advice from a specialist before proceeding."
Recent research by Safe Home Income Plans found that drawdown lifetime mortgages account for 51 per cent of all new equity release plans sold, while the sale of all related products increased by 15 per cent in the third quarter of 2007.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.