Co-op Insurance has partnered with Legal & General to offer later life mortgage options to homeowners over the age of 55.

The new launches, which form part of a trial, will offer two options in the form of lifetime mortgages and retirement interest only mortgages.

Recent figures from the Equity Release Council revealed that the number of homeowners releasing equity from their property in the first quarter of 2022 rose by over 20% to a new quarterly high of 23,395, helping older homeowners fulfil their later living needs.

Co-op Insurance said that its customers who want to find out if the products are right for them will be put in touch with specially qualified advisers at Legal & General Financial Advice.

“We’re delighted to be joining forces with Legal & General, trusted market leaders of equity release products, to launch these new later-life lending products,” said Co-op Insurance managing director, Charles Offord.

“Whether still in employment or already retired, we’re committed to helping inform the over-55s as to their financial options so that they can improve their quality of life and ultimately have the life they’ve worked so hard for.

“As the cost of living continues to rise, we know many people don’t want to sell their family home to access wealth that has accrued in their bricks and mortar over the course of a lifetime. Our new products offer another way to unlock this cash so homeowners can enjoy their later years or help out children and grandchildren at life’s key milestones, without the hassle of selling or downsizing.”

Legal & General Home Finance CEO, Craig Brown, said: “Our new partnership with Co-op Insurance will help more people over 55 to understand how our range of later life lending products can allow them to make the best use of the equity they have tied up in their property, whether that’s to support younger family members or to fulfil their own lifestyle aspirations.”

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