Equity release referral service, Key Partnerships, has launch its new Retirement Funding Tool, which it claims is a first for the later life lending market.

The tool, which can be accessed on the Key Partnerships website, has been created to present a more interactive and flexible way for intermediaries and other partners to discuss their clients retirement finances with them. It provides a holistic review of a client’s assets by taking into consideration state and private pensions, value of their home, savings and investments.

Key Partnerships believes this tool will help introducers drive conversation around property wealth and help clients see how they are able to use all their assets to fund their retirement.

Jason Ruse, business development director at Key Group, said: “We are seeing strong growth in the equity release market, with the recent Key Market Monitor figures suggesting £1.47 billion worth of new borrowing was released in the first half of 2020.

“However, a significant proportion of people are still not factoring in property wealth when they plan for their retirement which seems wrong when you consider they could release over eight times their annual state pension from their home.

“To help introducers start these conversations, we have developed this flexible interactive tool that highlights not only what people might expect to spend in retirement but also how all their assets can be used to make their later life more comfortable.

“Equity release is not right for everyone but including later life lending in retirement conversations only makes sense.”