| Home Reversion |
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Since April 2007, home reversion plans have been regulated by the Financial Services Authority and currently only account for about 10% of all equity release sales. Despite this, home reversion plans are still an important consideration in the overall decision making process. Summary In return for selling part or all of your property to the reversion company, you receive a tax free lump sum or you can opt for a lifetime income. You also receive a lifetime lease, which guarantees residence in the property for the rest of your life. Advantages Plans are available from 65, or if poor health persists, from age 55A guaranteed percentage of the property will pass to your beneficiariesYou will benefit from the increase in value on your share of the propertyThere is no accumulation of interest, hence no growing debtThe older you are, the more cash you can releaseIt raises more money than a lifetime mortgage Disadvantages You will no longer completely own your own home If you sell all your property, your estate will not receive any inheritanceYou will not retain any property price escalation on the proportion of the property soldReversion companies are more selective about the properties they release onIf you die shortly after taking out the plan, there could be a disproportionately high loss to your estate 'the complete equity release service'
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