The later life lender’s Ultra product offers loans to value (LTV) from 23% at age 55, to 50% from age 78 at an interest rate of 5.89% for loans of between £15,000 to £1,000,000.
It includes a nine-year fixed early repayment charge with the option to make overpayments of up to 10% per year without penalty.
Free valuations are available for properties worth up to £1,000,000.
Hodge has also increased its maximum mortgage loan from £500,000 to £1,000,000 with an increased acceptable property value of £2,000,000 across both the lifetime and indexed ranges.
This applies to the lifetime mortgage plus, max and the ultra product, as well as the indexed, indexed plus and indexed max mortgages.
Hodge Lifetime business development director Steve Cox (pictured) said: “With continued growth in consumer demand for equity release products, these enhancements to our range provide customers and advisers with further choice.
“We continue to be dedicated to driving innovation in our sector and will react to adviser and customer needs as the equity release market grows and develops.”