The move comes as the company rebrands to Newlife – home related finance.
The home reversion plans are designed to offer more flexibility to customers who want to release a more substantial sum than with a lifetime mortgage, or those wanting to protect some of the equity in their property and leave a guaranteed inheritance.
With the optimum home reversion plan, the minimum that can be released is £25,000 to £250,000, with 100% of the property value being sold.
The options home reversion plan allows a minimum of £25,000 to £250,000 to be released. Only 25% to 95% of the property value may be sold.
Peter Lucas, chief executive of Newlife, said: “The extension of our portfolio enables us to provide a more comprehensive offering, and meet a wider range of financial requirements. We deal exclusively through intermediaries and our new home reversion plans have been developed in response to feedback from advisers. He added that Newlife is keen to expand the range of products it offers.
“The home reversion facilities that we have launched as part of our rebrand, are the first in a series of new products and we look forward to better servicing our customers and intermediary partners.”
Peter Welch, head of sales and distribution at Bridgewater Equity Release, said that the two products will help the competitive home reversion sector.
He said: “Increased product choice and a greater focus on reversions from both providers and advisers alike helps project the sector in a brighter light, delivers confidence and certainly offers clients a much more rounded choice of equity release options.”
Welch added advisers should look at Newlife’s offering and other products in the sector to make sure they have the necessary knowledge and expertise to recommend the right product for their client.
Peter Turley, sales and marketing director at New Life said that the group will also be offering residential mortgages at the end of Q3.
“We are looking to launch residential mortgages late this summer, where the minimum age requirement will be 40. The products will be exclusive to intermediaries.”
