Home Reversion Plans
A home reversion plan allows the home owner to sell part or the whole of the entire property in exchange for a lump sum. Additionally, even if total ownership is given up, it still allows the seller and their spouse to remain on the property for the rest of their lives rent-free. The property cannot be sold until both the owner and their spouse (if there is one) are no longer living on the premises. Normal repayment would occur in the event of the last surviving spouse leaving the property in the event of death or moving into long term care.
The benefits with a home reversion are that
- You can get the proceeds of the sale as a lump sum
- The older you are when you start the home reversion scheme the higher the percentage you will get
- You can sell a particular percentage of your property if you wish
- There are no repayments involved with home reversion
A factor to take into account with home reversion is that the minimum age is usually higher than that of a lifetime mortgage.
Why consider Home Reversion through Halo?
Every client who considers home reversion has unique needs and dreams; whether they want the money for themselves or to help family and we have a solid reputation for investing the time and energy needed to find the right home reversion plan for you.
Learn more about the benefits of equity release with home reversion
