Economic Lifestyle expands broker commitment

Amanda Jarvis

February 24, 2006

As part of an expansion drive at the Brighton-based company, they are looking to take ten members of staff on. Currently, Economic Lifestyle employs 50 staff.

The company is looking for two IFAs to strengthen its growing team and has vacancies for a field sales manager, field sales staff, sales consultants and a finance manager.

The company needs more qualified IFAs following the recent launch of its Cash Release Plan, a fully portable and flexible equity release reversion scheme available for customers aged 60 and over.

Economic Lifestyle managing director Mark Neal said: “We are pleased with the reaction of the IFA market to our Cash Release Plan and are committed to the market. We always recommend that our customers see a financial adviser before taking a decision on equity release.

“It makes sense for us to appoint IFAs at this stage of our development and we are keen to make appointments as soon as we find suitably qualified candidates.”

Economic Lifestyle’s Cash Release Plan is available direct and through independent financial advisers.

The scheme allows homeowners to take the income in a structured payment plan and will pay 6 per cent annual interest on cash which has not been drawn down.

They will also benefit from any rises in the value of their house if they opt to extend an existing plan having already released part of the equity.

The plan is also fully portable and can be transferred to another property if they want or need to move home having taken out a scheme. There are no application fees and customers are only charged a valuation fee which is fully refundable on completion.

Economic Lifestyle believes its reversion scheme is the only one available to customers aged 60 or over. Most other schemes on the market are restricted to those aged 65-plus.

Financial advisers selling the Cash Release Plan earn fees of three per cent of the initial advance. 

Economic Lifestyle also offers homeowners a variety of retirement homes. In addition to this, it offers retired homeowners a number of other options for releasing some of the equity in their homes or to live in a property that they would not normally be able to afford. 

Economic Lifestyle’s products include:

1.      Cash Release Plan

The Cash Release Plan is a home reversion equity release scheme. Perfect for those aged 65 and over who wish to remain living in their current home and release capital at the same time. The property is valued by a qualified, independent surveyor, and after formal acceptance, the tax-free funds are transferred within 10-12 weeks, including a full refund of the valuation fee. There are no restrictions on how the money should be spent.

2.      Life Interest Plan

The Life Interest Plan, a unique reversion scheme, allows people over the age of 65 to buy a home designed for retirement living at a fraction of its true value by selling their existing property then using part of the equity to buy a Life Interest in an Economic Lifestyle property. The retirement property then becomes their legal home for the rest of their life/lives allowing them to make the most of their retirement years with the remaining equity.

3.      Find & Afford Plan

The Find and Afford Plan enables people to find a property that they want and Economic Lifestyle will buy it and lease it to them at a cost that is greatly below its market price. The property reverts back to the company on the passing away of the customer/s. It is also possible to opt for a part find and afford which allows them to release capital but also leave part of the property value to their estate.

4.      Home Exchange Plan

For people taking out the Life Interest Plan or using the Find and Afford Plan, Economic Lifestyle can arrange a cash sale of their current home. This enables the retired homeowner to eliminate chains, stress, unwanted visitors and estate agents fees. Two free independent valuations are arranged from which the average is taken and an offer of is made.

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