By joining the panel, Hodge Equity Release is offering Paradigm members access to its range of equity release products. There are currently three equity release schemes to choose from, all of which provide a cash lump sum:
• Hodge Equity Release Lifetime Mortgage Option - a legal charge is secured on the client’s home in return for a cash sum to spend as they choose. For as long as they live and continue to occupy their home, the client need not make any repayments on the loan. The outstanding lifetime mortgage balance (plus any interest and charges that have accrued) is repaid from the proceeds of the sale of the property.
• Hodge Equity Release Flexible Mortgage Option – this operates in the same way as the lifetime mortgage option except that the client can choose to take a lower initial lump sum with access to further withdrawals from a pre-approved Cash Reserve at any time up to the fifteenth anniversary of the plan.
• Hodge Equity Release Shared Growth Option – this is a home reversion plan where a percentage of the client’s property is transferred to Hodge Equity Release in return for a tax-free cash sum, which they may spend as they choose. Repayment is made from the sale proceeds of the property and divided in the proportions held by the client and Hodge Equity Release.
Hodge also offer advisers a range of online services including: case studies, personalised illustration requests, an eligibility calculator, a flexible mortgage calculator and details on its range of seminars throughout 2008.
