It partners with a later life lender to support over-55 homeowners in improving their homes
Not-for-profit enterprise London Rebuilding Society has launched a new home improvement equity release product designed to assist over-55 homeowners who need to carry out much needed repairs and improvements on their homes.
Provided by later life lender more2life, the ‘Healthy Homes, Healthy Lives’ scheme from London Rebuilding Society is designed to support those who are living in poor conditions and to enable them to live in their own homes and communities for longer and in better living conditions.
The plan has two elements, the first of which sees the team at London Rebuilding Society working with the homeowner to plan what works are required and then complete and oversee all the home improvements. Secondly, the more2life equity release plan will provide the funds to enable this to happen.
As part of the pilot, whole of market advice will initially be provided by The Equity Release Experts to assess the suitability of equity release and this product for the homeowners in the London, Brighton, and the South Coast areas.
Advisers who wish to refer clients should speak to Key Partnerships or their existing The Equity Release Experts contact for further information.
“While it is shocking that more than one in 10 homeowners live in homes that fail to meet the Decent Home Standards, it is particularly hard for older people who may have mobility or health issues,” Dave Harris, chief executive at more2life, commented.
“By teaming up with London Rebuilding Society to bring this product to market, we can support more homeowners as they improve their homes and, ultimately, their standard of living.”
Harris said the ‘Healthy Homes, Healthy Lives’ program was further evidence of the good that equity release can do in communities, as well as for individual homeowners.
Naomi Kingsley, chief executive at London Rebuilding Society, added that older homeowners, through a range of circumstances, often find themselves living in properties which are in poor condition.
“Often too proud to ask for support or unaware of what is on offer, this impacts on their physical, financial, and mental health,” Kingsley noted.
“The Healthy Homes, Healthy Lives program will help to tackle this problem by providing not just the funding, but the project management support to ensure this benefits the end customer. We are delighted to be working with more2life to make this a reality and look forward to growing the scheme following a successful pilot.”
