TMA adds L&G Home Finance to equity release panel

TMA members will have immediate access to L&G's product range, including its Flexible Lifetime Mortgage, Optional Payment Lifetime Mortgage and Income Lifetime Mortgage.

The Flexible Lifetime Mortgage allows clients with either a small or no mortgage to release the money tied up in their property without having to move home or make monthly payments. The loan provides homeowners with a tax-free cash sum which they can draw as and when they need to.

The Optional Payment Lifetime Mortgage allows clients to choose to pay some or all of the monthly interest and they can also stop making monthly payments at any time.

Finally, the Income Lifetime Option allows later life homeowners to release the money tied up in their property with a regular monthly income for a fixed term of 10, 15, 20 or 25 years.

Lisa Martin, development director at TMA, commented: “We are committed to offering our members greater choice in the equity release market which is why we are delighted to announce the addition of Legal & General Home Finance to our later life lending panel.

"As our advisers hear from a growing number of older borrowers looking to make the most of the equity tied up in their home, bringing Legal & General Home Finance on board will enable them to provide their customers with the modern lending solutions they need in order to fund their retirement comfortably.”

Marie Catch, head of mortgage broker sales at Legal & General Home Finance, added: “At Legal & General Home Finance we are committed to helping our customers enjoy a more colourful retirement. We continue to innovate and our flexible solutions allow homeowners to make the most of their property assets as part of their retirement income planning.

“As market growth and innovation continues, we look forward to working with TMA, providing its advisers with our suite of flexible equity release solutions. Customers need the right support to make informed decisions about the options best suited to their lifestyles and retirement goals, and TMA’s growing adviser community is well placed to ensure that more retirees have access to the advice they need.”