Retirement Advantage has launched a cashback version of its lifestyle platinum equity release product.
Borrowers can receive a lump sum of 3% of the value of their initial loan, an option designed to help in paying legal and adviser fees.
The product is to 50% loan-to-value for those aged 78 or older.
Tom Evans, managing director at Retirement Advantage Equity Release, said: “We’re constantly looking for ways in which we can increase accessibility.
“A number of customers have said that getting help with fees would be useful and that’s where the cashback option can really ease the process.
“The cashback facility could help to pay solicitors and advisers’ fees, and we will not be charging any fees of our own for this product.”
Evans added: “The addition of a cashback option to our lifestyle options range underlines the level of product innovation and development in the equity release market.
“As a result, lifetime mortgages are proving hugely popular with people for a myriad of reasons, from wanting help to fund their retirement to releasing money to help with home improvements.”