Equity release specialist Smooth Retirement and pensions loan scheme platform Pension Boost have entered into a strategic partnership to help seniors who were ‘income poor, asset rich’ to access home equity.
In an announcement, the firms said access to some of the saved equity in their homes could improve retirees’ lifestyles and live better in retirement.
Pension Boost was the country’s only service for seniors wishing to access the Federal Government’s reverse-mortgage style Pension Loans Scheme (PLS), and Smooth Retirement delivered equity release planning and broking.
Smooth Retirement chief executive and managing director, Scott Phillips, said the partnership recognised the commercial and ethical alignment of the two business models – both being pure fee-for-service, no commission and client-focused.
“Working with Pension Boost, we can offer a much superior and streamlined service to clients seeking equity release by identifying the best solution for them and assisting them to access it – whether that be the Government’s PLS, or commercial reverse mortgages and alternative equity release products,” he said.
Pension Boost chief executive and founder Paul Rogan said equity release was becoming increasingly sought after by seniors who were wishing to live a better life but were ‘income poor’. He noted there had been unprecedented levels of enquiry into the Pension Loans Scheme since the eligibility rules were expanded in July 2019 opening the scheme up to vastly more seniors.
“More and more Australian retirees are looking for ways to supplement their retirement incomes and seeking assistance and advice to help them navigate their way through the often confusing and conflicting information and lengthy application process,” Rogan said.