More than £12.1 billion of equity has been released by members of Safe Home Income Plans (Ship) over the past ten years.

Between 1991 and the third quarter of 2011, lifetime mortgages to the value of £10.5 billion have been distributed, the organisation noted.

The value of home reversion plans was £1.6 billion.

However, director-general of the body Andrea Rozario explained more must be done to raise awareness of the financial solution.

"With over-55s' property wealth estimated to be around £1.9 trillion, there are still opportunities to make consumers who might benefit from these products aware of opportunities available to them," she stated.

Ship is currently celebrating its 20th anniversary and marked the occasion with an event in London attended by key figures from the equity release industry, as well as stakeholders.

Since it started its members have advised on nearly 270,000 plans.

Ms Rozario believes demand for equity release is likely to increase over the coming years as people struggle to pay for the cost of care during retirement on insufficient pension pots.

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