Home Reversion Schemes
Home Reversion works in a very different manner to lifetime mortgages, when you take a home reversion scheme, you are selling a percentage of your home to the lender for a sum of cash.
Your property now belongs to the lender as well as yourself. Due to this, if you ever decide put your property on the market, you won’t receive all the proceeds from the sale of your property. Bear in mind, however, you are still able to reside on your property as long as you wish rent free. As an example, if you sell 40% of your home to the equity release lender when you pass away or move into a long-term care home, the property will be sold with 40% of the money generated going to the lender while the remaining 60% will go to your beneficiaries.
It’s estimated only 45% save adequately for retired life
TIt’s estimated that house prices in the last 16 years have doubled meaning Equity Release is now a fantastic option for boosting your retirement earnings, you could have thousands of pounds in equity just waiting to be released.