A new lifetime mortgage is being launched and two existing lifetime mortgages are being renamed and revamped.
The changes include the launch of Lifestyle Lump Sum Max - a high rate deal - and the replacement of its Cash Reserve Option plan with its Lifestyle Flexible Option product.
The new Lifestyle Lump Sum plan will replace the fixed rate lifetime mortgage.
Norwich Union says the changes will enable it to offer cover to every age group, simplify how legal and application fees are charged and reduce the application age to 55 for all lifetime mortgage products.
For its Lifestyle Flexible Option, it is offering greater flexibility with an open-ended reserve facility and a minimum initial loan size of £10,000.
The Lifestyle Lump Sum Max will give customers the opportunity to release more equity from their product at every age.
Anthony Rafferty, head of marketing, post retirement at Norwich Union, says: “We are making significant improvements to our lifetime mortgages in response to demand from customers. They told us that they want products that offered more flexibility and were easy to understand - and that’s exactly what we’re delivering with these changes. The equity release market is changing fast. Customers now want more flexibility and choice when it comes to choosing when and how they release equity from their home.”
Long term care insurance: News update: August 2008