Openwork expands equity release options

Openwork expands equity release options

Financial advice network Openwork has expanded its equity release proposition to a panel of six lenders that offer a range of lump sum and drawdown lifetime mortgages.

Openwork stated its panel providers were chosen based on their track record, competitive product ranges and good customer services. They include Aviva, Canada Life, Hodge, Legal & General, LV, and More 2 Life.

It said that lifetime mortgages are being introduced gradually on a pilot basis and full launch to qualified advisers is expected early next year.

In January Openwork partnered with Canada Life to test a monthly income drawdown lifetime mortgage which it has deemed “successful”.

The announcement comes amid rapid growth in the lifetime mortgage market, driven by product innovation.

In 2018, roughly £4bn was lent to clients that wanted to access the equity tied up in their property, according to Openwork.

John Cupis, mortgage director at Openwork, said: “Advice is critical in the lifetime mortgage market to help consumers make the best of their retirement planning options.  

"The future for lifetime mortgage advice will include all events surrounding the lives of clients, who may also have other income or significant pensions that should be considered to ensure the best outcomes.   

“Expanding our equity release proposition means advisers can offer their clients truly holistic advice over the long-term alongside support with affordability-based mortgages as well as pensions and investments.  

"Harnessing the power of the Openwork network, clients will benefit from the right advice from advisers qualified to provide that support.”