EPPARG welcomes ARRAGO as latest new French member
The European Pensions and Property Asset Release Group (EPPARG) is pleased to announce that ARRAGO has joined EPPARG as its latest new member from France.
ARRAGO is a French lifetime mortgage provider based in Paris. The company serves borrowers aged over 60 across France, and it is on track to achieve its first €50m of mortgages.
ARRAGO offers a lump-sum lifetime mortgage with compound interest up to the total value of the property. By raising debt, elderly homeowners can enhance their way of living and finance their projects. This solution is under-developed in France, where the market has been traditionally served by home reversion providers but with much less flexibility and a limited offer to few local markets.
Speaking on behalf of EPPARG, Steve Kyle, Secretary General, said:
“We are delighted to welcome ARRAGO on board as our latest new member from France, and to see a real resurgence of interest in equity release in the country. We have noted a number of new market entrants starting business over the past year across both lifetime mortgages, which ARRAGO is offering, as well as in home reversions. We are encouraged to see these developments as providing real choice to elderly homeowners in France, who have had limited options to draw down the equity from their home for far too long.”
“ARRAGO are fully committed to the EPPARG 10 standards which we have developed to ensure business ethics and consumer protection, and we look forward to working with them as we seek to safely grow and strengthen the European equity release market”.
Commenting on behalf of ARRAGO, Alexis Rouëssé, Co-Founder, said:
“France is a market with very high potential for development ahead. The combination of ageing demographics, inadequate pension provision and limited financing of mass market solutions for the elderly makes our lifetime mortgage offer very interesting. By joining EPPARG our ambition is to achieve best practice and contribute to developing equity release solution in helping the elderly population to better manage their wealth efficiently.”
EPPARG is the principal trade body representing the interests of home equity release providers in Europe. Countries with EPPARG representatives or associates make up over 75% of all the countries in Europe with a home equity release market.