Newlife Home Related Finance, formerly New Life Mortgages, has launched two new home reversion products, as revealed by Money Marketing in March.
Home reversion plans, which make up around 5 per cent of the equity release market, allow consumers to sell all or part of their home, at a reduced price, while retaining the right to live in the home rent-free for the rest of their life.
The optimum home reversion plan allows consumers to release a minimum of £25,000 and maximum of £250,000, where 100 per cent of the home is sold.
The options home reversion plan allows consumers to release a minimum of £25,000 or 25 per cent of the property’s value, whichever is lower, and a maximum of £250,000, or between 25 per cent and 95 per cent.
Chief executive Peter Lucas says: “The extension of our portfolio enables us to provide a more comprehensive offering, and meet a wider range of financial requirements. We deal exclusively through intermediaries and our new home reversion plans have been developed in response to feedback from advisers. This enhances our offering in the equity release sector and demonstrates our long-term commitment to this growing market.”