I have seen adverts for home reversion plans, and would like to know if I would need to pay any rent?
No, Safe Home Income Plan (SHIP) approved home reversion plan schemes do not charge you monthly rent, but some may require a very small annual "peppercorn" rent, usually nothing more than about £25 per annum.
What you may be getting confused with is the sell and rent back schemes. Under these schemes you sell your home ownership to the scheme provider and if you want the maximum amount, will have to pay monthly rent all the time you remain living in the property. Unlike home reversion plans, you will only normally receive a shorthold tenancy right, meaning you are only guaranteed the definite right to remain living in your property for an agreed period of time, when the tenancy would then be reviewed and could be terminated.
Under a SHIP approved home reversion plan your right to remain living in your property for the rest of your life, is guaranteed and there would be no monthly rent. To find out more about home reversion plans including their advantages and disadvantages visit home reversion plans.