Home Reversion Equity Release

Here we explain Home Reversion Schemes

What is a home reversion equity release scheme?

• You sell the whole of your home or a share in it but you still living there.

How does it work?

Home reversion company buys the share in your home.

• You wont get market value.
• This is because the equity release company may have to wait 10, 20 or 30 years before they get their money i.e.  get their share back of your home.

Do I have to make payments?

• No, there are no interest payments as you have not borrowed money, you have sold equity.
• You will lose the future growth in value of the share of the property that you no longer own

Is my home safe?

• You have a permanent right to live in your home until the day you die or sell your home or move or go into a care home

How much equity can I release?

You usually set the share you wish to sell

• Usually this will be a mininum share that you sell e.g.  50% of the value of property.
• Most people sell 50% or 100% of the property

Who is home reversion suitable for?

• People who have no other people to leave their money to on death
• People who like the idea that they have sold a share of the property and retain ownership of a share

Can there be negative equity?

• No, as there is no mortgage, you have sold a share in your home

What sort of interest rates?

• There is no interest charged

Can I release more later?

• If you have only sold a share, you can sell any remaining share either to the home reversion scheme or to others but only if the home reversion will allow it
• You can sell up entirely and bother you and the home reversion will keep your own share of the property value
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