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Home Reversion Plans

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Home 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.

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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The Right Equity Release
Kevin Woods is a member of the Equity Release Council and an authorised consultant of The Right Equity Release

This is a lifetime mortgage or home revision plan. To understand the features and risks, ask for a personalised illustration. It may affect your entitlement to state benefits and will reduce the value of your estate. Think carefully before securing other debts against your home. Kevin Woods Equity Release Specialist is an introducer to The Right Equity Release Ltd which is Authorised and Regulated by the Financial Conduct Authority. Registered in England and Wales No. 07166676. Registered Address: Croft House, 21d Station Road, Knowle, Solihull, B93 0HL. Head Office: Croft House, 21d Station Road, Knowle, Solihull, B93 0HL. The advice and / or guidance contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. The Right Equity Release does not charge any up front fees. A fixed fee is only charged on completion of an Equity Release Plan. Typically, this is 1.5% of the total facility or £1,295 whichever is the greater.

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