Ralph Stewart, managing director of Lifetime Retirement Income, introduces their new product, Lifetime Home. This innovative offering provides retirees with a debt-free way to access the equity in their homes, offering a guaranteed income stream for 10 years while allowing them to retain ownership and residence in their property.

Key Takeaways for Viewers

• Lifetime Home is designed for retirees aged 70 and above who are asset-rich but cash-poor.
• The product allows homeowners to sell a portion of their home (up to 35% over 10 years) in exchange for regular income payments.
• Unlike reverse mortgages, Lifetime Home provides certainty – homeowners know exactly how much of their home they’ll retain (65% minimum).
• The income is provided for 10 years, after which the homeowner can continue living in the property indefinitely.
• Fees include an initial application fee (0.2% of home value), annual fee ($2,700 deducted from payments), and a post-term annual valuation fee ($1,000 indexed).
• Mandatory legal advice is required before entering the agreement to ensure understanding.
• This product may be more suitable for those seeking long-term income rather than a lump sum.
• Interested individuals can find more information at lifetimeincome.co.nz.
• It’s recommended to consult with a financial advisor to determine if this product is suitable for individual circumstances.
• The product aims to help retirees use their wealth for their own benefit while providing a known legacy for beneficiaries.