The enhanced product from Partnership Home Loans is a fully medically written impaired-life equity release plan, which considers a client’s health and medical history. If clients have, or have had, any illnesses or medical conditions, the new reversion plan could pay more than a conventional scheme by taking into account the impact on life expectancy. Eligible clients should be 55-96 years of age and policies can be written on joint and single lives with no medical examination required.
Steve Groves, chief financial officer, Partnership Home Loans, said: "Every year over nine thousand people taking out equity release schemes miss out on potential cash, simply because their state of health is not looked at. Our new plan could benefit 40 per cent of customers annually, giving them in excess of £100 million extra cash for their properties. With this in mind, we anticipate our new product having a significant positive impact on the equity release market and are delighted to join The Exchange, the only comparative source of this kind for intermediaries."
David Child, managing director of The Exchange, said: "Equity release can be an attractive solution for many older clients wanting to complement retirement income from their pension. We are therefore delighted that Partnership Home Loans has become the latest provider to join our service, especially offering such an innovative new approach to impaired equity release."
