Home Reversion

 

With a reversion part or all of the property is sold in exchange for a tax-free cash lump sum. Home reversion plans guarantee a lifetime lease with no monthly repayments to meet. When the house is sold due to death or entry into long-term care the reversion company receives its share of the sale price. The main drawback to home reversion plans is that you will not receive the full market value for the share you sell.

 A home reversion scheme allows you to sell part or all of your property to a provider in return for either a lump sum or income and a lifetime right to remain living in your property.  Your home, or the part of it you sell, will then belongs to someone else, but you are allowed to carry on living in it until you die or move out and you or your estate will retain the value of any share not sold.

Whilst under these schemes you sell the ownership, you will still  be responsible for the property and bills relating to it.

You can sell up to 100% of the value of your property but will only receive a heavily discounted sum of money which could be as low as 25% of the current market value at age 65 which is typically the minimum age for home reversion plans.

Professional Mortgage Services does not advise on lifetime mortgages and  equity release for the over 55's but has partnership arrangements with specialist equity release brokers and if you require further assistance will be happy to introdfuce to our equity release associates.

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