Hodge offers ERC members £150 client cashback

Equity Release Club has teamed up with Hodge Equity Release to offer members an exclusive £150 client cashback deal.

Hodge will pay the £150 cashback on the lump sum and drawdown lifetime products on all applications until October 31 2008.

The offer is available to ERC members and ERC stickers must be attached to qualify for the deal.

The lifetime mortgage option plan from Hodge provides clients with a cash sum. A legal charge is secured on the client’s home, though the client does not need to make any repayments as long as they continue to live in their home. Loan interest is charged at a fixed rate, calculated daily and added to the loan amount each month.

The other equity release plan from Hodge, the flexible mortgage option, is secured on a client’s home and is repayable from the proceeds of the property sale.

It provides an initial lump sum and a pre-approved cash reserve facility, from which clients may make further withdrawals. The initial lump sum must be at least 15% of the total amount, with the minimum withdrawal set at £10,000.

Future withdrawals of at least £2,000 may be made at any time up to the 15th anniversary of the plan, until the whole facility has been drawn.

Stuart Wilson, managing partner of ERC, says: “Equity release providers are extremely focussed on ensuring advisers are supported by good products with a strong support and training network.

“It is in everyone’s interest that a vibrant, well qualified and knowledgeable broker market not only exists but thrives. ERC and providers such as Hodge are continuing to work hard in order to achieve this.”