UK Moneyman Ltd is expanding its range of later-life lending offerings by adding home reversion plans to their permissions at the Financial Conduct Authority (FCA).
According to Dan Osman, the head of later life lending, the addition of home reversion plans will provide clients with a wider choice of later-life lending solutions.
While lifetime mortgages have become the dominant product in the market, home reversion plans remain the most appropriate solution for some clients.
Although home reversion plans have become a niche product in recent years, they still offer a solution for clients who may not qualify for other later-life lending options.
While lifetime mortgages and retirement interest-only mortgages are more suitable for most clients, some people are missing out on fulfilling their retirement plans due to limited access to home reversion plans.
Although home reversion plans involve selling all or part of a home to a provider, it may still be possible to port the plan to another property and leave an inheritance for loved ones.
Home reversion providers may also consider properties that fall outside standard lending criteria.
UK Moneyman Ltd believes that by offering a wider range of later-life lending solutions, they can ensure that the product fits the client, not the other way around.
