Retirement Advantage has introduced a cashback version of its Lifestyle Platinum equity release product.

It means borrowers are eligible to receive a lump sum of 3% of the value of their initial loan.

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.”

The new Lifestyle Platinum Cashback product comes fee-free and offers a loan to value ratio of up to 50% for those aged 78. Should customers redeem their cashback option within the fixed Early Repayment Charge (ERC) period, the cashback provided will be added to the ERC.

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.””

The Lifestyle Options were added to Retirement Advantage’s product range in April. The product range is available to consumers aged between 60 – 90 years old. They offer a tax-free, one-off lump sum and instead of making interest repayments, the interest rolls up and is added to the mortgage each month. There are free valuations at application.