Home reversion market welcomes new player

It is backed by property investment group British Land, and its product has been designed to address some of the concerns many still have over equity release.

The product has a Key Facts Illustrations that adheres to the same standards as Financial Services Authority regulated lifetime mortgages, has no redemption penalties and maximises the amount people can withdraw from the value of their home by not taking a cut of the money.

The product is designed to accommodate a change of property, a move into sheltered accommodation or a nursing home or even divorce.

Duncan Young chief executive officer at R-P, says: ” We’ve tried to make it as simple as possible. We want people to enjoy living in their property. That means we have to guide them through one or two lifestyle changes.”