The Council of mortgage lenders has urged action to make it easier for older and retired people to take out mortgages.
The CML's report, Retirement borrowing: reality, perceptions, projections and potential, said "significant collaboration both inside and outside the mortgage industry” is vital to turn things around.
Brokers have welcomed the report but say "desperate" action is needed now to make life easier for older borrowers.
The CML said mainstream lenders and lifetime mortgage providers need to work with other specialists such as pension providers, financial advisers, compliance experts, groups representing older customers, retirement housing providers, think tanks, trade bodies and regulators.
It also promised to work with the intermediary sector towards a more seamless advice framework.
It called for further product innovation for the 65-74 age group and asked the Financial Conduct Authority to consider how regulation could encourage a more holistic approach to mortgage, lifetime and investment advice.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said something desperately needs to be done to make it easier for older people who want to borrow into retirement to do so.
“This report is the first step, now roundtable talks bringing together all the interested parties, such as regulators, lenders and trade bodies to devise a clear and transparent framework, are essential.”
Harris added: “What is wrong with an older borrower dying in their home that carries some debt? They can service just the interest while they are alive and the estate can then sell the asset to repay the debt.
“Why are we so afraid of introducing something that is commonplace in other countries?”