Equity release mortgage duo join forces

The Openwork network of financial advisers has joined forces with insurance provider Norwich Union to impart extensive guidance on equity release mortgage products. Equity release mortgages have continued to grow in popularity as house prices have escalated. The product has proven ideal for cash-strapped but asset-rich pensioners hoping to make use of the equity tied up in their home, but reluctant to move.

 There are, however, potential potholes associated with equity release, of which borrowers should remain wary."With increasing numbers of clients considering equity release there is little doubt that the market is set to grow," said Graham Angell, product proposition director at Openwork.

"It is, however, a complex area and should be considered with care," he urged, stressing the importance of "face-to-face advice" and beaming that Norwich Union "is the market leader in this area".

Philip Willcock, director of business development at the British insurer, added: "We are delighted to be working with Openwork and provide their clients with access to expert equity release advice."

This partnership comes shortly after the Financial Services Authority, the UK 's financial watchdog, called for an improvement in the advice and support given to equity release borrowers.