The combined firms, under the one banner, will provide annuities and equity release products with plans to launch an income drawdown product, The Retirement Account, later in the year.
MGM Advantage began providing funding for Stonehaven in 2011 before acquiring the firm in January 2014.
Stonehaven unveiled changes to its range earlier this month by increasing loan-to-values and lowering rates. The provider also introduced fixed early repayment charges and a cash reserve facility.
Alice Watson, product and communications manager at Stonehaven, said under the new brand, Stonehaven wanted to become the mainstream specialist for equity release. Watson said that while no further product changes had been planned it would be continuing to evolve its range this year.
The Stonehaven MGM Advantage tie-up is the latest of in a series of moves which have seen firms combining strengths to gear up for the anticipated surge of interest in equity release mortgages.
Following George Osborne’s pension freedom announcement in last year’s Budget, market commentators have predicted pension holders may need to turn to their homes to support their living into retirement, having spent their pension savings.
Legal & General purchased lifetime mortgage provider Newlife in February.
