Norwich Union has announced the launch date for its new equity release product will be 10 July.
The new product, the Cash Reserve Option, guarantees a financial pot for ten years and does not set a limit on the number of releases any one customer can make from the fund.
"Since entering the equity release market in 1998, Norwich Union has been at the forefront of many product developments," said Darren Carter, director of sales and marketing at Norwich Union personal finance.
"The launch of the Cash Reserve Option is an exciting addition to our product range and means that we are now the only major provider to offer reversion, drawdown and lump-sum lifetime mortgage plans," Mr Carter added.
The minimum amount offered through this product as an initial cash amount is £10,000, with a cash reserve of £5,000.To read more about mortgages, click here.
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