The product will be on offer for a limited period. The payment of £1,000 is sent to the client upon completion and will be irrespective of the actual broker fee charged.
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Other features of the plan include the option for the clients to cancel the property plan at any time by paying Retirement Plus the value of its share of the property, and a guarantee that the client can leave an inheritance by having a protected share, while raising the same amount of money as they would on a lifetime deal.
Duncan Young, managing director of Retirement Plus, said: “The launch of this product is just one part of our ongoing commitment to independent financial advice in equity release.
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“An increasing number of brokers now recognise the value of equity release and the part it plays in financial planning. We are very keen to support this positive trend.”
Peter Fisher, director of NHFA, commented: “I’m always keen on innovation and this is a unique product that is a form of home reversion. It’s clear and transparent, and easy for the client to understand. The £1,000 is a great feature because it softens the overall costs. It gives a boost for clients and makes it much more palatable.”
