Why not use our simple form to request an estimate of how much you can borrow?
If, for example, you sell 50% of your property as part of your home reversion plan, when you die or leave the property, 50% of its future value will go to the provider and 50% to your beneficiaries. If you do not sell your entire home initially as part of your home reversion plan, it may be possible to sell further shares in it, to receive further lump sums, as and when required in the future.
The amount that you receive will depend on your age and property value. You have to be 65 years or over to qualify for a Home Reversion. 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 could net you approximately £60,000.
Home reversion plans are potentially an 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 not suitable for those wishing to buy back all or a share of their property during the term of the plan. If you decide you would like to buy back the part of your property you sold, you would need to buy it back at the market value which means paying more than the amount that you received.
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Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back
We will be in touch as soon as possible to arrange a convenient time for a meeting, which is completely free of charge and without obligation.
I'll be in touch as soon as possible. If you'd rather call me in the meantime, please feel free to give me a call on 01489 45 45 45