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Home Reversion Plans
Ask how much you can borrowHome reversion plans offer an important alternative to lifetime mortgages. Home reversion plan providers purchase some or all of your property in return for a cash lump sum. They will own (or part own) the property, but you are granted a lifetime lease, which gives you the security to live in your home, rent-free, until you die or go into long term care.
Part selling
If, for example, you sell 50% of your property, when you die or leave the property, 50% of its value will go to the provider and 50% to your beneficiaries. If you do not sell your entire home initially, it may be possible to sell further shares in it, to receive further lump sums, as and when required in the future. Some providers will guarantee such loans.
Considerations
The amount that you receive will depend on your age – the younger you are, the longer you are likely to live in your home, rent-free, so the lower the cash lump sum that will be offered. The amount is at a premium, not on a like-for-like basis, so selling 50% of your £200,000 home would net you approximately £60,000.
No interest
Home reversion plans are an attractive alternative to lifetime mortgages for some people, because they offer certainty: they are not loans and therefore do not attract any interest. However, they are not short term commitments and are not suitable for those wishing to buy back all or a share of their property during the term of the plan.
What my customers say about working with me
“We are just writing to convey our appreciation for all your time and effort that you put into trying to secure a lifetime mortgage for us. As you already know from our previous phone conversation, we have decided not to proceed on this occasion for various personal reasons. Nevertheless if at any time in the future we reconsider this option, we would certainly be very happy to contact you again. You worked tirelessly for our interests, and for that we thank you very much.”
Les and Linda, Southampton
What my customers say about working with me
“We are just writing to convey our appreciation for all your time and effort that you put into trying to secure a lifetime mortgage for us. As you already know from our previous phone conversation, we have decided not to proceed on this occasion for various personal reasons. Nevertheless if at any time in the future we reconsider this option, we would certainly be very happy to contact you again. You worked tirelessly for our interests, and for that we thank you very much.”
Les and Linda, Southampton
Why not get in touch and see how we can help?
Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back
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