Home Reversion Plan
This involves the reversion company purchasing or arranging for someone else to purchase some or all of your property. You get the sale proceeds as a cash lump sum, although with some schemes the lump sum is invested to generate a regular income. Since the reversion company cannot re-sell the property until the earlier of your death or you move out, you will receive less than the market value for the percentage being purchased - typically 35% - 60%.
Generally speaking, the older you are when you start the scheme, the higher the percentage of the actual market value you'll receive for the portion of the property you are selling. When the property is sold, the reversion company receives the same percentage of the sale proceeds as that which they originally purchased. Your estate benefits from any rise in the value of any part of the property you may have retained.
We do not ordinarily charge fees for arranging mortgages, instead we will be paid a commission from the lender for placing a mortgage on your behalf.
However, if you wish to pay a fee for mortgage advice, this would be £300 and we will refund any commission received from the lender.
This is a Home Reversion Plan. To understand the features and risks, ask for a personalised illustration