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Openwork launches lifetime mortgage product

Openwork has announced it has developed its own lifetime mortgage product, and that it is now available through a pilot scheme.

The financial advice network details that its monthly income drawdown offering is available through an exclusive partnership with Canada Life, which bought Retirement Advantage in January last year.

It says the product has been designed to work with the financial planning and tax efficiency schemes granted by pension freedoms.

The network adds that in the it has joined the equity release council.

Openwork mortgage director John Cupis says that he sees significant demand for such a product, and that “clients seeking income in retirement are often faced with multiple options and therefore require clear guidance and advice about accessing income from housing equity as well as their pensions and investments.

“True holistic advice is the key to helping clients find their way through the maze of options at retirement. We expect product innovation to continue in this space as lenders seize the opportunity to develop pre-, during and post-retirement products for an increasingly diverse range of situations.

Canada Life Home Finance managing director Tom Evans adds: “We believe [Openwork’s] forward thinking approach to holistic advice will open more opportunities for clients to access income from property.

“Our focus on providing excellent customer outcomes means our products meet genuine customer needs. We have been impressed by Openwork’s focus on the end customer and are excited to be working with them.”

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