Equity Release Supermarket has launched an online equity release referral service.
The service, called Equity Release Partners, enables brokers to introduce their clients to an equity release specialist to avoid having to advise them themselves.
Referral commission is worked out on a case-by-case basis depending on the size of the loan, but the firm says brokers will receive £1,200 on average. ERP accepts customers from across the UK and enables brokers to track the progress of cases.
Head of partnerships Gary Webster says: “We are replicating a number of online tools and offline services that we have used successfully in the consumer space to share with brokers and their clients. For too long there has been a corridor of uncertainty between conventional mortgages and equity release.
“While we know that lifetime mortgages are not a shoo-in to the potential problems for older borrowers, it is increasingly becoming one of the options considered, which is why we work very closely with our existing partners to help them explore all client opportunities.”