Daren Carter, director of sales and marketing at Norwich Union Personal Finance, said: “We’ve added this new functionality to the adviser site to make it easier for intermediaries to quote for our reversion plan and to speed up the process.
This April we will be the first anniversary of the launch of the Norwich Union Home Reversion Plan which was launched to meet the needs of an emerging market. SHIP’s figures released recently stated that Home reversions business, accounted for £54.6 million worth of new business in 2005, a 35% increase from 2004. We expect to see growth in Reversion plan sales in 2006 and welcome regulation of Home Reversion Plans by the FSA in 2007.”
Home reversion plans enable homeowners to raise some of the cash from their home by selling all, or a share in the value of their property. As with a lifetime mortgage, the customer can remain in their home and there are no regular repayments to make.
The Norwich Union Home Reversion Plan incorporates two very special guarantees: the House Price Inflation Guarantee (HPI) that ensures a payment if the property value increases above a certain level over the term of the plan and an Inheritance Protection Guarantee (IPG) that guarantees that a share of the proceeds from the sale of the property will be left as an inheritance when the plan ends, if the customer does not sell 100% of their property and a minimum payment if the customer goes into long-term care or dies within the first 4 years.
To use the site Financial Advisers must first register online.
