Retirement Plus Property Plan launched

The Retirement Plus Property Plan equity release product has been launched, aimed at customers over the age of 65.

The product is based on joint property ownership between Retirement Plus and the customer, who will receive an advance sum based on the property's full market value.

Meanwhile, Retirement Plus will see an annual growth rate of 5.5 per cent on its share of the ownership of the home.

Duncan Young, chief executive at Retirement Plus, told Mortgage Introducer: "Many retired people have considerable assets, but are struggling to meet their day to day expenses, it does seem sensible to find ways to unlock the value in their properties."

He went on to say that many could use the funds to take "long awaited holidays" or make home improvements.

There are no early redemption charges on the Retirement Plus Property Plan and a sale will not be insisted upon if the customer goes into a nursing home.

Furthermore, after five years Retirement Plus will share any fall in property values with the customer.