The Property Plan home reversion product enables customers to raise a large amount of cash from their home at full market value. They can also choose to protect a share of their property for themselves or for their estate by taking a smaller sum.
One difference with the Property Plan product is the fact that the share of the property the customer gives up will be spread over many years, meaning that they own a larger percentage of their home for longer. This provides them with plenty of room for life’s changing events. The customer can also cancel at any time as the property is jointly owned, they must simply buy back Retirement Plus’ share or sell up.
Available to home-owning men and women over 65, the product is only distributed through FSA authorised intermediaries.
Retirement Plus’ new offering - the ‘Advice Support’ Property Plan – highlights the importance of independent, impartial financial advice in equity release. Retirement Plus will contribute £1,000 towards legal and financial advice fees for each product, payable to the client upon completion of each case received from Scottish brokers until 30 September 2007.
Retirement Plus’ managing director, Duncan Young, said: “After our success in England and Wales we are delighted to be able to launch the Property Plan in Scotland. We have already met with a number of leading Scottish brokers and are confident that the products will be well received.”
