Lifetime loans lender, Spry Finance has said it expects Ireland's equity release lending market to more than double in size over the next three years.
CEO John Moriarty said he expects the sector to be worth over €200m annually.
The forecast coincides with the publication of a new report from Spry which shows that reduced incomes, insufficient pensions and longer mortgage terms mean that many older people are fining it difficult to maintain their living standards in retirement.
Spry Finance has written more than €120m in loans to almost 2,000 homeowners aged over 60 since launching three years ago.
However, the company believes the Irish market is significantly underdeveloped.
"Customer demand is increasing, and this will attract new entrants to the market, such as life insurance companies, which will drive product innovation and growth," said Mr Moriarty.
"In the UK, for example, there are ten providers and more than 450 equity release and later life loan products available," he added.
According to today's research, almost half of households with one adult over 65 reported having a least some difficulty in making ends meet last year, with more than a third of households at risk of poverty.
"The independent data in our report shows that people aged over 65 are one of the wealthiest groups in Ireland in Ireland yet they have the lowest incomes," Mr Moriarty said.
"We’re moving towards a future where an increasing number of older people will not be able to maintain their living standards when they retire.
"There needs to be a rethink about attitudes towards wealth and inheritance and how people plan and fund retirement – including the role of all financial tools, including lifetime loans," he added.
