Home Reversion Plans Uk

A home reversion plan sees you selling a stake in your property in return for a cash lump sum.

Home reversion plans uk. What is a home reversion. If you re over 65 and own your house home reversion lets you unlock tax free cash for a more comfortable retirement by selling a share of your home. If you sold the entire property to them they will get all of the proceeds. By selling a share of your property you become a co owner but continue to enjoy the right to live in it for the rest of your life.

Provider product lump sum percent sold equity sold. The homeowner sells part of or all of the property in exchange for a tax free lump sum payment s. They could have major implications for tax benefits inheritance and your long term financial planning. Bridgewater flexible release plan.

To be eligible for a home reversion plan you will usually need to own a property valued at 80 000 or more and be at least 55 years old. Information provided is based on lifetime mortgage uk and home reversion uk plans. More info get quote get smarter. How do home reversion plans work.

Home reversion plans function as an alternative to the more standard products available in the equity release marketplace. When your home is eventually sold the reversion company gets their share of the proceeds of the sale. With a home reversion plan you sell all or part of your home in return for a cash lump sum a regular income or both. A lifetime tenancy is then created protecting the homeowners residency and freedom to live in their home rent free for the rest of their life.

The minimum age for many home reversion plans is 65 and any age restrictions will apply to the youngest borrower in a joint application. They are also a member of the equity release council and maintain the erc code of conduct. This lump sum is significantly less than the market value of your. How does a home reversion plan work.

They are one of only a few companies that still offer home reversion plans. Home reversion plan fixed rent 60 000. You should always get financial advice before taking out a home reversion plan or any other kind of equity release scheme. Bridgewater was established in 1998 offering a variety of equity release products including the home reversion plan.

Eligibility criteria for home reversion plans. As well as cash either as a lump sum or income you ll get a lifetime lease a promise that you can stay in your home until you die or move into care.