The LV Equity Release Portal allows advisers to produce key facts illustrations and submit and track lifetime mortgage applications online.
The Lifetime Mortgage Drawdown + lets customers take out a minimum initial loan of £10,000 with further drawdown payments available from £1,500 to £70,000 if they are needed.
Withdrawals can be taken out monthly provided they do not exceed the maximum loan value. The minimum property value accepted is £100,000 and the maximum loan is £500,000.
With the drawdown product, seven tiers of lending are available. They include Lite, Standard 1, Standard 2, Standard 3, Max, Platinum and Platinum Plus.
Annual equivalent rates range from 2.68 per cent to 3.7 per cent, while monthly equivalent rates vary from 2.65 per cent to 3.64 per cent.
The maximum loan to value (LTV) available is dependent on the age of the borrower and the increases for each borrowing level.
Borrowers can also make flexible repayments with the Drawdown+ product and after the loan has been running for 12 months, customers can make up to six repayments each mortgage year, totalling 10 per cent of the total amount of loan advances without having to pay an early repayment charge (ERC).
Clive Bolton (pictured), managing director of savings and retirement at LV, said: “The launch of the LV Lifetime Mortgage Drawdown+ and adviser portal is a significant development.
“We have listened to feedback from customers and advisers as launching an online portal makes it easier for them to submit and manage equity release applications.”