Home Reversion Calculator (Oct 2021)
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Home Reversion Calculator
What Is a Home Reversion Calculator?
Discover how much equity you can unlock in Oct 2021 in just 8 seconds with our home reversion plan calculator!
You’ll need to provide:
• An estimated value of your estate
• Your age
• Your phone number
• Your email address
Along with getting your estimate emailed to you, you’ll also get an obligation-free call from an adviser from Age Partnership, one of the leading equity release providers in the UK.
That’s right! A FREE estimate and free advice. That’s what we’re here for.
How to Use the Home Reversion Calculator
Home reversion plans are the forerunner of modern-day’s lifetime mortgages. They’ve been declining in popularity for some time now, since the lifetime mortgage schemes become the talk of the town, offering significant lump sums and a range of flexible features that plan providers tailor to meet your needs.
Unlike the lifetime mortgage plans that work by offering you a cash lump sum or monthly income from the equity in your estate, the home reversion plans work by you selling 20% to 100% of your property. The home reversion provider, in turn, gives you a tax-free lump sum and a lifetime tenancy to remain in your estate until you pass on or move into permanent care.
You’re not obligated to pay any of the loan or interest in your lifetime. Instead, when you pass away, the plan provider puts up your estate for sale, takes up his/her share, and the remaining goes to your heirs.
So, how can you know the amount of cash you can expect from a home reversion plan in Oct 2021? Well, you can do that by using the home reversion plan calculator.
The equity release home reversion calculator will require you to input:
These are the criteria that most equity release providers use when figuring out the amount you can release.
Got Questions? Check These First
How Do You Calculate A Home Reversion?
When calculating the amount you can get from the home reversion scheme, you need to use the equity release calculator which requires you to:
- Input the age of the youngest homeowner (which is, 60 years)
- Input your gender and marital status
- Input your residence’s location
- Input the estimated value of your estate
- Input the proportion of your property that you’d like to sell to the equity release provider
How Do Home Reversion Plans Work?
Well, they work by you selling a part or your entire estate to the home reversion companies. The scheme is accessible to homeowners aged 60 and above, those with estates worth more than £70,000 and within the remits of the UK.
Unlike with the lifetime mortgage plan, you don’t pay any interests. However, when you pass away or move into residential care, the plan provider will sell your home, take his/her proceeds (percentage of ownership) and the remaining balance will go to your beneficiaries.
What Are Home Reversion Schemes?
It’s an equity release plan option. It allows homeowners aged 60, those with estates worth more than £70,000 and those within the remits of the UK, to unlock the capital tied up in their homes. Unlike the lifetime mortgage, the home reversion plan allows you to sell a part or all of your estate to your plan provider.
When you die or get into residential care, the equity release provider puts up your residence for sale, takes his/her of the proceeds and then the equity remaining goes to your heirs.
How Do You Use the Capital from the Home Reversion Plan?
You can use the cash you get from the home reversion scheme to:
- To work on your home improvement projects
- To pay for the long-term care expenses
- To clear any impending debts
- To pay for your long-awaited vacation dreams
- To make an investment
- To purchase mobility equipment
- To buy out your spouse
Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.
How Much Can You Release?
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Do you already have a plan?
Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.