Paradigm Mortgage Services has added Aviva to its preferred panel of equity release providers.
Member firms of the mortgage partnership proposition can now introduce advised equity release sales to Aviva and receive a range of services and support, plus access Aviva’s terms.
Aviva offers its own range of lifetime mortgages with two different plans on offer: Lifestyle Lump Sum Max and Lifestyle Flexible Option.
Lifestyle Lump Sum Max allows the client to release a one-off amount of money at the start of the plan, but a larger amount than the Lifestyle Lump Sum.
Lifestyle Flexible Option allows the client to take a one-off amount of money at the start of the plan or a lower initial loan, if required, and have access to a reserve of money in the future as and when they need it.
Both plans now offer an inheritance guarantee option to protect a percentage of the client’s property value. Aviva also offers home reversion plans through its relationship with reversion provider, Grainger plc.
Paradigm’s equity release panel was launched in 2008 and includes SHIP member providers of both lifetime mortgages and home reversion plans.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “Equity release is certainly a sector that we expect to grow considerably in the years ahead and Paradigm’s work in this area is designed to provide our members with access to the top providers and products available now and in the future. The addition of Aviva adds a considerable name, presence and array of products to our panel, plus Paradigm members are now able to introduce advised business to a provider which is highly committed and always at the cutting edge of the sector.
“The equity release market is evolving and has already moved on since the introduction of our provider panel back in the summer of 2008. This is why we are renewing and reinvigorating our equity release proposition to ensure it is as up to date as possible, to make sure that top providers like Aviva are on board and to instil confidence in our members that they are particularly well-catered for in this important market.
“We certainly believe that the equity release market is one worth being involved in and we would advise those member firms who are looking to branch into this sector to speak to their Paradigm point of contact to see how we can help them make this move.”
Clive Bolton, director of At Retirement at Aviva, said: “Equity release will play an increasingly important role in UK retirement planning over the coming years. Typically, the largest asset a retiree owns is their house and as people continue to live longer, equity release can provide a significant income stream in retirement.
“I am delighted that Aviva is joining Paradigm’s provider panel. They are fully committed to developing the needs of the retirement market and recognise the role that equity release plays in holistic retirement planning for their clients.”
