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GE Life revamps home-reversion scheme

GE Life has redesigned its home-reversion plan in response to increasing demands from the equity-release market.

The equity-release income plan is sold through IFAs. It offers enhanced rates for impaired lives, variable income options linked to property prices and a cash lump sum as well as income.

The relaunch coincides with the Treasury&#39s decision last week to regulate the reversion market, which GE Life expects will raise standards in the sector as well as protect consumers.

GE Life, which is one of the founding members of Safe Home Income Plans, hopes to attract customers who want a guaranteed level of fixed income for the rest of their lives and assurance that a proportion of their property value will fall to their beneficiaries.

It is also reviewing its lifetime mortgage, which it expects to relaunch later in the year.

Product manager Simon Little says: “We expect this market to grow by over 50 per cent in the next three years as increasing house prices and smaller pensions mean that more pensioners are finding themselves asset-rich but income-poor.”

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