Just Group has developed a unique lifetime mortgage product enabling Saga customers to receive a monthly payment.

The new solution combines an initial lump sum payment with ongoing monthly payments - all tax-free-to support people looking to supplement their retirement income.

"This product is completely unique in the market and satisfies a customer need that existing lifetime mortgages do not cater for. Customers who need to top-up their monthly retirement income to pay domiciliary care fees or to supplement pension income can now do so by accessing some of the value stored in their property," Just Group managing director, retirement lending, international and business development Paul Turner said.

"People in the UK aged over 55 have housing equity worth in excess of £2.5trn, yet many people in later life do not have sufficient income to pay their essential expenditure. This is a solution to help those who are asset rick and income poor. We are always talking with our members to understand what they need and how we might be able to help them more.

Saga head of product Alex Edmans said: "It was clear from what our members told us that there is an appetite for an equity release product like this. We're really pleased to be able to offer our customers this unique product thanks to the creativity and innovation of Just Group."

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