Retirement Bridge Home Reversion (No Rent)
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Retirement Bridge Home Reversion (No Rent) Review
Home Reversion (No Rent) Key Details
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I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release scheme with all the choices available.
Or is it?
Is the Retirement Bridge Home Reversion (No Rent), equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.
However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.
As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.
What's Equity Release?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Learn More: What’s Equity Release?
How Does Equity Release Work?
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: How Does Equity Release Work?
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Most popular reasons for releasing equity
Who Are Retirement Bridge?
As the the UK’s biggest owner and manager of Home Reversion plans Retirement Bridge Management Limited offers homeowners the unique chance of releasing further equity from their homes.
With Home Reversion plans homeowners can sell all, or part of their home in return for a cash lump sum, a regular income, or both. The home, or the part of it they sold will belong to someone else, but they can carry on living in it rent free, until passing or when they move out.
Retirement Bridge Group comprise of various companies who collectively manage around 4500 plans. Amongst others, the largest of these are Retirement Bridge Management Limited and Bridgewater Equity Release Limited.
Authorised and regulated by the Financial Conduct Authority (FCA), our experienced and highly knowledgeable team is here to support you throughout the term of your chosen plan.
So, if you have not already sold 100% of the equity in your home you may be able to apply to release further equity from you property.
Eligibility & Requirements
You will only be eligible to enter into the Plan if you are aged at least 60 and at most aged 90.
If the Plan is to be in joint names, both applicants must be aged at least 60 and neither aged over 90 at the time of application.
Minimum Property Valuation
The minimum property valuation is 100,000 and there is no maximum valuation. However, properties valued over £500,000 will be subject to individual consideration and classed as an exception.
Property Location Requirements
Only certain properties are acceptable for the plan. More specifically, the property must be located in England.
Single vs Joint
Retirement Bridge’s Home Reversion Plan (No Rent) is available on both single and joint basis with a minimum age for the youngest applicant being 60 and neither of the applicants must be over 90.
The minimum release for Retirement Bridge’s Home Reversion with No Rent is 25% and cash release amounts under £25,000 subject to individual consideration.
You can sell between 25-100% of the property for a cash lump sum. The amount received will be based on your age(s) and your property value.
You will be granted a Lifetime Lease which allows you to live in the property for the rest of your life rent free, providing you adhere to the terms and conditions of the plan.
You have an option to choose an Early Vacancy Guarantee, where the property is vacated within the first 5 years a cash sum would be payable calculated on 80% of the original valuation less the original cash release that was paid.
A valuation report is required by us to help decide how much cash we can release to you. We will arrange a valuation when you apply for a Home Reversion Plan, including where you seek to release further equity from a current plan (if able to) or to move home and transfer the plan to a new property (if able to) or if you want to buy the property back from us.
Early Repayment Feature
Equity Release Council Status
Retirement Bridge is a member of the Equity Release Council. The Home Reversion with No Rent fully conforms to the Equity Release Council Product Standards.
Joint Application Features
For joint applicants there is an option to choose an Early Vacancy Guarantee, where the property is vacated within the first 5 years a cash sum would be payable calculated on 80% of the original valuation less the original cash release that was paid.
Rent can be reduced by 50% on the death of one spouse if the plan is held in joint names.
Where arrears accrue, we will contact you and seek to make a mutually acceptable agreement (Repayment Plan) with you. Where we do so, we will confirm this in writing to you.
We will instruct our valuation services provider to carry out an independent valuation of the property. If a fee is payable for this we will inform the customer.
Bridgewater Equity Release Limited is part of the Retirement Bridge group of companies and is authorised and regulated by the Financial Conduct Authority (FCA Registration No 463013). Retirement Bridge is a member of the Equity Release Council. Bridgewater Equity Release Limited Company Registration Number 05064154. Registered in England.
Retirement Bridge's Other Equity Release Schemes
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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. Learn more about our editorial guidelines.
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HOW MUCH EQUITY CAN YOU RELEASE?
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