Responsible Life says it is set to advise on half a billion pounds worth of products for customers.

The lifetime mortgage specialist advised on a record volume of lifetime mortgages for customers last month, which it says puts it on a run rate of £500m.

During October the company advised on £43m of lifetime mortgages.

The Equity Release Council reported last month that homeowners had unlocked nearly £11m of property wealth a day from July to September this year, with overall activity rising by 8% to £988m. It was the busiest quarter in 2019 to date.

Steve Wilkie, mManaging director of Responsible Life, said: “We are thrilled to have advised on such a tremendous volume of lifetime mortgages this month. Many of our customers will be using these life changing products to improve or adapt their homes or provide ‘living inheritance’ to their families.

“The lifetime mortgage market is flourishing and we expect to see further growth as customers continue to take advantage of all time low rates and a constantly growing range of products that are becoming increasingly flexible over time.

“What people are realising is that your home doesn’t just have to be your castle — it is also a major part of retirement planning that unlocks options many didn’t realise they had.”