The new launches will form part of a trial and include lifetime mortgages and retirement interest only mortgages (RIO).
The products are fully regulated by the Financial Conduct Authority (FCA). Legal & General Home Finance and Legal & General Financial Advice are both members of the Equity Release Council, so have confirmed they will adhere to the council’s rules and safeguards to protect homeowners.
Charles Offord, managing director, Co-op Insurance, said: “We’re delighted to be joining forces with Legal & General, trusted market leaders of equity release products, to launch these new later-life lending products. Whether still in employment or already retired, we’re committed to helping inform the over 55s as to their financial options so that they can improve their quality of life and ultimately have the life they’ve worked so hard for.
“As the cost of living continues to rise, we know many people don’t want to sell their family home to access wealth that has accrued in their bricks and mortar over the course of a lifetime. Our new products offer another way to unlock this cash so homeowners can enjoy their later years or help out children and grandchildren at life’s key milestones, without the hassle of selling or downsizing.
Offord added: “Legal & General is the ideal partner for us, as their expert advisors do not work to commissions and are committed to getting the right outcome for customers by ensuring all family members are involved in key decisions.”
He confirmed Co-op Insurance customers who want to find out if the products are right for them will be put in touch with advisers at Legal & General Financial Advice.
Craig Brown, chief executive of Legal & General Home Finance, said: “Our new partnership with Co-op Insurance will help more people over 55 to understand how our range of later life lending products can allow them to make the best use of the equity they have tied up in their property, whether that’s to support younger family members or to fulfil their own lifestyle aspirations.”