The financial advice network is licensing adviser firms to pilot the monthly income drawdown mortgage.
The move is part of Openwork’s plans to expand its wealth proposition for retirement clients who are looking at property wealth to improve their standard of living.
Openwork has also joined the Equity Release Council to conform to the trade body’s standards.
John Cupis, mortgage director at Openwork (pictured), said: “We believe there is significant client demand for our new proposition.
“Clients seeking income in retirement are often faced with multiple options and therefore require clear guidance and advice about accessing income from housing equity as well as their pensions and investments.
“True holistic advice is the key to helping clients find their way through the maze of options at retirement.
“We expect product innovation to continue in this space as lenders seize the opportunity to develop pre-, during- and post-retirement products for an increasingly diverse range of situations.
“Property wealth has a major role to play in helping clients make the best use of their assets and we are delighted to be working with Canada Life.”
Tom Evans, managing director, Canada Life Home Finance, added that the lender was delighted to be working with Openwork.
“We believe their forward thinking approach to holistic advice will open more opportunities for clients to access income from property,” he said.
“We have been impressed by Openwork’s focus on the end customer and are excited to be working with them.”