HOME REVERSION SCHEMES
Rather than a loan with a home reversion plan you sell all or part
of your home to the reversion plan company. They however will not
give you the full market price for the part or whole of your house
that you sell. The price will be based upon your age, health, and
anticipated life expectancy. If you go onto one of these schemes
you can either take the money released as a lump sum or as regular
payment.
The scheme finishes when you die. If you have only sold a part
of the house (say 25%) then the company receives that share of the
property when it sold. Leaving your estate with the rest (75%)to
be inherited by the beneficiary’s.
On both home reversion schemes and lifetime mortgages the maintenance
of the property is still your responsibility. In fact if don’t
maintain the property to the liking of the provider of either products
they can penalise you.
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