What Is a Home Reversion Plan?
What Are Home Reversion Schemes & How Do They Work?
Planning For the Future? Home Reversion Plans are Popular and a Great Fit for Many People. We Explain How It Works and Why It May Be a Good Option For You
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Equity Release FAQs
What's the Difference Between Equity Release and Home Reversion?
Well, the home reversion plan is an equity release product. The mortgage plan enables homeowners aged 60+ to unlock the value of their estate by selling a part or all of their property to the equity release provider. You then repay the amount released when you die or move into residential care.
The only difference between the home reversion scheme and the lifetime mortgage plan, an equity release product, is that you don’t pay any interests since you give ownership of part or all of your home to the lender in exchange for a lump sum or monthly income.
Are Home Reversion Plans Regulated?
Yes, they are. These are equity release mortgages, and every equity release product is regulated by the Financial Conduct Authority (FCA) and governed by the Equity Release Council (ERC).
Therefore, all home perversion providers must be members of the ERC to offer equity release plans, including the home reversion plan to consumers.
What's Reversion Rate?
Well, the reversion rate is the rate to which your mortgage plan will revert at the end of any incentive or fixed period. For instance, you might have a 3-year fixed-rate mortgage of 5.8%.
At the end of the three years, the mortgage rate might change to 6.4%. Therefore the reversion rate would then be 6.4%.
What's A Home Income Plan?
Well, this is when you release equity from a home reversion plan or lifetime mortgage scheme, and then the funds are invested into an annuity, that’s built into the mortgage scheme to generate income for life. An annuity is a plan that assures you that you’ll get a series of payments in exchange for a capital lump sum.
PS – If you’re anything like us, you skipped to the end anyway.
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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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