Standard Life has announced its entry into the equity release market in a partnership with retirement finance specialists, Age Partnership.
Equity release enables homeowners aged 55 or over to access some of the money from their home, while still retaining 100 per cent ownership of their property.
The money released, plus the accrued interest, is then repaid on death or when they go into long-term care.
Susie Logan, brand and marketing director at Standard Life, said; “Equity release adds to our existing suite of life savings solutions, providing an option for those over 55 who want to release a lump sum of money for their retirement years.
“Since pension freedoms, we are seeing so much diversity in the way people are accessing their life savings.
“We chose to offer the solution through a partner who has been providing specialist equity release advice for the past 15 years and has helped over one million people decide that equity release is right for them.
“Furthermore, Age Partnership currently holds the highest net promoter score in the industry, so we are confident that our customers will receive great equity release advice.”
As the largest equity release broker in the UK, Leeds-based Age Partnership will not only be providing equity release advice but also guides to help educate customers, and online calculator tools.
Last year, Age Partnership announced the creation of 40 new jobs following the announcement of a partnership with financial services giant, SunLife, to launch its equity release service for the over 55s.
Speaking last year, Andrew Thirkill, chairman of Age Partnership, said: “With the rise in house prices over the last 20 years, a significant number of over 55s are now sitting on a large amount of property equity which they can release to enjoy in their retirement years. The potential for the new service, and the equity release market as a whole, is absolutely enormous.”
Born in Leeds, Mr Thirkill’s working life began on a building site in 1976, when he was 17.
He later worked as an advertising sales rep at The Yorkshire Post and Yorkshire Evening Post. Post.