Aviva has made changes to its lifetime mortgage plans.

It has introduced an inheritance guarantee so customers will know their family or estate will benefit from receiving a guaranteed proportion of the value of their property when they die or go into long-term care

It has also removed the 75% initial loan restriction. Customers can now choose how much of their loan they take upfront, from £10,000 to 100% of the available amount. Customers who do not initially take the full amount will have an automatic reserve available, if they want funds in future
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Aviva has also removed administration fees for additional drawdown and redemption fees. Customers can draw down against their available reserve when they choose, without incurring an admin fee. New customers will no longer pay a redemption fee at the end of their loan

Clive Bolton, ‘at retirement’ director at Aviva, said: “We understand that many people are facing financial challenges in retirement. Equity release is an increasingly important option for people approaching retirement to consider