27 October 2016
The Family Building Society have created a brand new innovative product to help older home-owners that worry that their pensions may not be enough to carry on doing what they enjoy, from achieving long held ambitions and helping their children and grandchildren from time to time. Their new Innovative Retirement Lifestyle Booster product has been designed to enable older people to do exactly this - practical help for your clients who are 60 or over and whose finances could do with a boost each and every month.
It's ideal for those who aren't ready to downsize but want to access the wealth that's already tied up in their property and either own their property outright or have a small mortgage outstanding.
How does it work?
For example, a loan of £60,000 means a regular monthly payment of £500 in return for a monthly payment of £83 to us to cover the interest. And because they are making monthly payments, the interest does not roll up, unlike some equity release plans.
This is a real opportunity to demonstrate the value you add by considering the Retirement Lifestyle Booster as a tool when helping older people draw on their accumulated wealth. The combination of pension freedoms, later life lending options and low investment returns along with the need for IHT management, make this a key area for advice.
Want more details?
If you have any questions about this great new product you cal call their Mortgage desk on 01372 744155 or email them on email@example.com.