Retirement Advantage has launched a cashback version of its lifestyle platinum equity release product.
The new product lets borrowers get a lump sum of 3 percent of the value of their initial loan.
It has no fees and has an LTV ratio of up to 50 per cent for those aged up to 78.
Retirement Advantage says this will help in paying legal and adviser fees.
Retirement Advantage Equity Release managing director Tom Evans says: “A number of customers have said that getting help with fees would be useful and that’s where the cashback option can really ease the process.”
If customers redeem their cashback option inside the fixed early repayment charge period, cashback will be added to the ERC.
The lifestyle options were added to Retirement Advantage’s product range in April.
The range is available to consumers between 60 and 90 years old.
They have a tax-free, one-off lump sum. Instead of making interest repayments, the interest rolls up and is added to the mortgage each month.