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Home Reversion Plan: What It Is and How It Works

A home reversion could be a great way to help you live your later life to the full.

By borrowing a tax-free lump sum1  you could be able to fund home renovations, help younger family members get on the property ladder, or simply keep your lifestyle in retirement.

How much you can borrow depends on a number of factors, including your age, the type of property you own, and its value.

How do I get a home reversion plan?

When comparing the home reversion market, a specialist adviser2  will explain:

  • You have to get advice before deciding to get one.
  • Check for plans that have a no negative equity guarantee, so you’ll never owe more than your home’s value.
  • It reduces the value of your estate.
  • The initial counselling is free with no obligation.
  • The most popular form of equity release is a lifetime mortgage, which is a bond secured against your home. Note that you will still own your home.

Different types of home reversion plans

Although there are many different plans available, they can all be split into four categories of reversion mortgage schemes.

Lifetime Mortgage Loan

You release a lump sum from the value of your property, by taking out a mortgage secured on your property (provided it’s your primary residence) whilst retaining 100% ownership of your home. This amount, plus any interest accrued,4 
(you can use to make repayments) is repaid from the sale of your property when you pass away or move into long-term care.

Drawdown Lifetime Mortgage

This works similar to Lifetime Mortgage but with a regular cash reserve/draw down options allowing you to withdraw amounts at a frequency you like up to a specified amount of years, or until the fund has been used up.

Interest-Only Lifetime Mortgage

You get a lump sum and pay a monthly interest on the loan, which can be fixed or variable, rather than allowing the interest to roll up. The amount you originally borrowed is normally settled when your home is eventually sold.

Home Reversion Plan

Here, you sell some or all of your property to a home reversion provider in exchange for a lump sum of money or routine payments, whilst keeping the right to keep living in your home, rent free, while your still alive, but you have to agree to retain and insure it. At the end of the plan your property is sold and the sale proceeds are shared according to the residual proportions of ownership.

You are free to use the money on almost anything you like. There are many reasons for getting equity from your home and here are a few of them.

Common Home Reversion Uses:

  • To supplement your pension income to cover living expenses
  • To settle a repayment mortgage or clear the balance on an interest-only mortgage
  • To improve your standard of living
  • To see your family enjoy their inheritance while you’re still here
  • To carry out some home improvements
  • To take that holiday of a lifetime
  • To help your children onto the property ladder
  • To pay off other outstanding debt5  and lower your monthly outgoings.

In Conclusion

A home reversion3  is a way of opening the wealth tied up in your property without the need to move.

With home reversion products, if you are over the age of 55, you can either borrow against the value of your home or sell all or part of it for a regular monthly income, a lump sum, or the facility to get at equity as and when you like or a combination.

Home reversion plans are not right for everyone and it’s important that you fully consider your options and receive independent financial advice before making a decision. It’s also important that, if you do decide to use a home reversion product, you choose one that meets your needs.

Remember that taking a home reversion is generally a long term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future without any penalties. A financial adviser can help you to pick the plan that is right for you.

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Is It right for you?

Download our guide to make sense of the equity release mortgage or try our simple equity release calculator and get an idea of how much money you could release.

HOW MUCH EQUITY CAN YOU RELEASE?

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.

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Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Written by
Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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