Openwork is launching its own lifetime mortgage proposition in an exclusive partnership with Canada Life.

The network is licensing adviser firms to pilot the monthly income drawdown lifetime mortgage as a new option for clients looking to make more efficient use of their property wealth and pension funds as it targets significant expansion in the at-retirement market.

Its new proposition has been developed following client and adviser research, and is designed to support clients seeking to optimise the financial planning and tax-efficiency opportunities from Pension Freedoms.

Openwork has joined the Equity Release Council to conform to its standards.

John Cupis, mortgage director at Openwork, said: “We believe there is significant client demand for our new proposition. Clients seeking income in retirement are often faced with multiple options and therefore require clear guidance and advice about accessing income from housing equity as well as their pensions and investments.

“True holistic advice is the key to helping clients find their way through the maze of options at retirement. We expect product innovation to continue in this space as lenders seize the opportunity to develop pre, during and post-retirement products for an increasingly diverse range of situations.

“Property wealth has a major role to play in helping clients make the best use of their assets and we are delighted to be working with Canada Life.”

Tom Evans, managing director, Canada Life Home Finance, said: “We are delighted to be working with Openwork on this innovative new product development. We believe their forward thinking approach to holistic advice will open more opportunities for clients to access income from property.

“Our focus on providing excellent customer outcomes means our products meet genuine customer needs. We have been impressed by Openwork’s focus on the end customer and are excited to be working with them.”