Renamed the Classic Property Plan, criteria changes include the waiving of the completion fee and a reduction in valuation fees.
The latter are refunded on completion, effectively meaning that the customer has free entry to the products.
Duncan Young, chief executive of Retirement Plus, said the revamped product would inject a more competitve edge into the home reversion market place.
"The Classic Property Plan has not lost any of its flexibility but we have lowered the costs attached to it. Clients can raise the same amount of money as they would on a lifetime mortgage yet still guarantee an inheritance with a protected share.”
The firm is also launching the Higher Release Property Plan, providing the same flexibility as the Classic Property Plan but allowing borrowers to release the maximum amount available to them.
Young added: “We release more cash with this product, and our equity transfer rate is higher than that of our Classic Property Plan, so our share in the property will grow faster.”
