Retirement Advantage launches fee-free cashback equity release product

The new Lifestyle Platinum Cashback product is fee-free and offers a loan-to-value ratio of up to 50% for customers aged up to 78. If customers redeem their cashback option within the fixed ERC period, the cashback provided will be added to the ERC.

The Lifestyle Options, launched in April, are available to consumers aged between 60 – 90 years old. They offer a tax-free, one-off lump sum and instead of making interest repayments, the interest rolls up and is added to the mortgage each month. Clients can also take advantage of free valuations at application.

Tom Evans, Managing Director at Retirement Advantage Equity Release, commented: “We’re constantly looking for ways in which we can increase accessibility.  A number of customers have said that getting help with fees would be useful and that’s where the cashback option can really ease the process. The cashback facility could help to pay solicitors and advisers’ fees, and we will not be charging any fees of our own for this product.

“The addition of a cashback option to our Lifestyle Options range underlines the level of product innovation and development in the equity release market.  As a result, lifetime mortgages are proving hugely popular with people for a myriad of reasons, from wanting help to fund their retirement to releasing money to help with home improvements.”