Home reversion plans involve selling part or your entire home to a home reversion provider in return for a cash lump sum, which is usually higher than the sum you can raise from a lifetime mortgage.
You remain able to live in your home Whilst all or part of your home will belong to someone else, you can remain living there for the rest of your life rent-free.
No interest to pay A home reversion plan is not a loan and so there’s no interest to pay. However, if your property increases in value, you will only benefit from the increase in value of the proportion you still own.
When you die or move into long-term care, the property will be sold and the reversion company receives its share of the proceeds.
The value of your home You should be aware that when you take out a plan you will normally receive less than the current market value of your home - this is because the reversion company who buys your home cannot sell it until you die or move into long-term care and so need to protect themselves against any potential loss in value.
Please click here for the benefits and risks of home reversion plans.
This is a home reversion plan. To understand the features and risks, ask for a personalised illustration.
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