I am considering a home reversion plan but I am concerned that I could possibly lose my home, is this correct?
With a Safe Home Income Plan (SHIP) approved home reversion plan, you always retain the right to live in your property for the rest of your life/lives or until earlier sale because you or the last applicant has moved permanently into a care home. However, by agreeing to enter into a home reversion plan you will be agreeing for the reversion company to buy a percentage of your home's ownership in return for a lump sum usually. The amount of ownership given up in return for the lump sum will be much larger than any money received as the home reversion plan provider will not be charging you rent whilst you live there.
If you only agree to a partial home reversion plan however, the value of any remaining percentage will remain your estates.
For more information on how home reversion plans work see home reversion plans.