This will be in addition to its later life lending permissions.
A home reversion plan is when a homeowner sells all or part of their home to a company in exchange for a lump sum of money, a regular income or both. The company gets all the proceeds from the sale of the home and the former owner is allowed to keep living at the property rent-free.
The firm said a lifetime mortgage or retirement interest-only product could be suitable for most clients, but people may be missing out on fulfilling their retirement plans due to limited solutions.
It said selling part or all of a home could feel “restrictive” but added that the plan could sometimes be ported to another property if it was partially sold, meaning people could still leave an inheritance.
Home reversion providers may also consider properties which fall outside the criteria of other lenders. It is typically available to people aged 65 and over.
Dan Osman, head of later life lending at UK Moneyman, said: “Although home reversion has become a niche product over the years, it is still the most appropriate solution for some clients.
“In a market dominated by the lifetime mortgage, we feel that it is important that we constantly strive to offer the widest choice of later life lending solutions available to ensure that the product fits the client – not the other way around.”
