Norwich Union is to launch an equity release cash reserve option in mid-July 2006 which will offer more flexibility for customers.
The option within its lifetime mortgage allows customers to release an initial amount of money from the value of their home and then allowing them to access more money over ten years.
Further details of the option will be announced nearer to its launch.
Director of sales and marketing Darren Carter says: “The launch of the cash release option complements NU’s range of equity release plans and reflects customers demand for greater flexibility. In the past, product innovation has driven the growth of the equity release market and as the market leader it is NU’s goal to remain at the forefront of these developments.”