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Aug 4, 2006
Norwich Union has
introduced its Equity Release Cash Reserve Option, a lifetime mortgage product
that enables customers to enjoy some of their home’s value by releasing an
initial amount of money and keeping a reserve fund available that can be
released in future when required.
Norwich says customer access to their cash reserve
is guaranteed for 10 years and, subject to terms and conditions, there is no
limit to the number of releases a customer can make. The Cash Reserve Option is
available from financial advisers and Norwich Union’s Personal Finance sales
force.
The minimum
initial amount that can be taken is a cash amount of £10,000 and a cash reserve
of £5,000. Norwich
says minimum withdrawal is £5,000, and the cash reserve is available for
withdrawal at any time in the future.
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