Home Reversion Scheme
Normally available from the age of 65, this normally allows you to sell a share of your property to the provider for less than the market value. You have the right to stay in your home for the rest of your life. When you die or move into long-term care and the property is sold, the provider gets the same share of whatever your home sells for as repayment. For example, if you sold 50% of your property to the provider, it would get 50% of the sale price. Again this may limit your options later on and will reduce the value of your estate.
You are more likely to qualify for an equity release scheme if you have no current mortgage, or if any mortgage you have is relatively small. Additionally if you have any loans secured against your home, these will be needed to be paid off in their entirety on or prior to completion.
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I would like to say a huge thank you, I exchanged on Friday and complete on the 14th August. I couldn’t of done it without your support. You have been extremely helpful and efficient. I feel you went above and beyond to help me and nothing was ever a problem. I would recommend you to anyone that is looking for mortgage advice.
Amy Weller – Purley
Equity release may require a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.