Brightstar and Sentry will equally split the proc fee upon completion, with referring brokers receiving a portion of this.
Sentry Lifetime offers whole of market lifetime mortgage advice including equity release and is a member of the Equity Release Council.
The firm offers a free initial consultation but then charges clients a total fee of £495 – £250 at the point of recommendation and £245 when an application is made which is refundable if a mortgage offer is not obtained.
According to the Sentry website, brokers taking a direct referral partnership with it will only receive a 25% share of any procuration fee received.
Sentry Advice managing partner Thomas Webster said: “Lifetime mortgages are the most popular form of equity release as they enable the borrower to retain ownership of the property.
“It’s an area of growing demand and our partnership with Brightstar means that brokers can access the opportunity even if they don’t have experience or expertise in this area.
“We will do the hard work and own the advice, but brokers can maintain ownership of the client and take a share of the proc fee.”
Brightstar said it maintained a no cross-selling guarantee on all referrals.
Brightstar Financial chief executive officer Rob Jupp said: “Demographics dictate that later life lending is one of the biggest areas of opportunity for brokers, but it is a specialist area and equity release has its own qualifications and separate permissions.
“By launching our later life lending service, we are enabling brokers to diversify their offering while maintaining focus on their core areas of business.”