Home reversion plans
With a home reversion plan you sell part or all of your home to a reversion plan company in exchange for a tax-free cash lump sum and a guaranteed lifetime lease with no monthly repayments to meet.
You stay in your home rent free for as long as you choose and are able to guarantee an inheritance to your beneficiaries. Both you and the reversion scheme company share in any increase in your property's value, providing you have not exchanged 100% of its value.
Advantages of a home reversion plan
· You are able to guarantee an inheritance
· There are no monthly repayments to make
· You benefit from any increase in value of the percentage of the property that you still own
· Reversion plans may be available to those aged 55+ and you can typically raise more money from your home at a younger age with a reversion plan than a lifetime mortgage would allow
The older you are, the more money you will be able to release with a reversion plan