Falling house prices are causing increased popularity in home reversions, according to Hodge Lifetime.
The equity release provider has seen a 40% growth in popularity of its home reversion product over the first half of this year compared to the previous six months.
Hodge is now offering free surveys for all clients opting for its Shared Growth Option up to a maximum property value of £250,000.
Allowing clients to sell between 30% and 90% of their property value in return for a tax-free cash sum, Hodge says its Shared Growth Option appeals to clients who specifically require the security of knowing the percentage of their property given up by taking out the plan.
Jon King, managing director at Hodge Lifetime, said: &quotFollowing the regulation of reversion products in 2007 it is pleasing to see business volumes increase as clients recognize the benefits of this type of scheme. The free survey offer will help IFAs market this product to their clients.&quot