Norwich Union has launched a pilot downsizing programme for customers who do not want a full equity release product.
The provider will offer people aged 55 and over the choice of an Assisted Move package whereby Norwich Union will manage all aspects of their house sale and the Optional Fund Release service where the company would arrange a quick purchase.
Norwich Union estimates customers would receive their funds in 12 weeks through the Assisted Move option or about four weeks using Optional Fund Release. On the open market, it takes between four and eight months to sell a house and 900,000 homeowners fail to sell their properties each year, according to theadvisory.co.uk.
Anthony Rafferty, head of marketing of post-retirement at Norwich Union says: “Traditionally, equity release has been seen as one such solution, particularly as many older people enjoy the comfort that comes with staying in their own home.
“However our research has shown that many other retirees would like to move to a home of lesser value, but are put off by the hassle that moving has traditionally entailed.
"The aim of this pilot is to make the sales process as stress-free as possible, offering a quick, straightforward way of freeing up cash and helping people to move to the type of home they now want."
Norwich Union has targeted the pilot at the West Midlands area and it will run for an initial six months.
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