Paradigm’s member firms are now able to introduce equity release sales to Aviva and receive a range of services and support, plus access the competitive terms available.
Aviva offers its own range of lifetime mortgages with two different plans on offer:
• Lifestyle Lump Sum Max: allows the client to release a one-off amount of money at the start of the plan, but a larger amount than the Lifestyle Lump Sum.
• Lifestyle Flexible Option; allows the client to take a one-off amount of money at the start of the plan or a lower initial loan, if required, and have access to a reserve of money in the future as and when they need it.
Both plans now offer an inheritance guarantee option to protect a percentage of the client’s property value. Aviva also offers home reversion plans through its relationship with reversion provider, Grainger plc.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “Equity release is certainly a sector that we expect to grow considerably in the years ahead. The addition of Aviva adds a considerable name, presence and array of products to our panel, plus Paradigm members are now able to introduce advised business to a provider which is highly committed and always at the cutting edge of the sector.
“The equity release market is evolving and has already moved on since the introduction of our provider panel back in the summer of 2008. This is why we are renewing and reinvigorating our equity release proposition to ensure it is as up to date as possible, to make sure that top providers like Aviva are on board and to instil confidence in our members that they are particularly well-catered for in this important market.”
Clive Bolton, director of at retirement at Aviva, added: “Equity release will play an increasingly important role in UK retirement planning over the coming years. Typically the largest asset a retiree owns is their house and as people continue to live longer, equity release can provide a significant income stream in retirement.”