What is a home reversion plan?
Home reversion plans are different from lifetime mortgages in that you give up a percentage share of your home in return for a cash lump sum upfront. The amount you receive, and how much equity you surrender will depend on your age.
The younger you are the more equity in your home the provider will require, likewise if you are older the amount will be less. You will then also become a co-owner of the property with the scheme provider/company. These types of equity release schemes are more difficult to access the otherall cost as this will very much depend of what you property is worth at the end of the deal.
Our home reversion experts can help you access the best solution for you and provide you with a breakdown of the scheme so you can clearly see the benefits and drawbacks of home reversion and compare with the alternatives. Every person has different needs and their financial situation is different therefore getting expert regulated personal advise is essential to getting the most from equity release.
How much equity can you sell?
You can usually sell between 20% and 100% equity in your home. However, it is worth considering that the amount you will get in return as a cash sum will be considerable less than the amount you sell the provider. Home reversion providers will offer you a below market value for a share of your property. Speak with our experts for an accurate quote to see how much you could get today.
What are the alternatives?
Another form of equity release is the lifetime mortgage product. Unlike a home reversion plan you are not required to give up any equity and you retain full ownership of your home. Lifetime mortgages allow you to roll-up interest payments and you can either take a cash lump sum upfront today or staged regular payments in to the future.
You can read more about it here or speak with an expert advisors who can explain both the schemes in further detail.