I am thinking about taking a home reversion plan. Do I have to sell all of my home at the outset?
Home reversion plans can either be a full home reversion where you agree to sell 100% of your homes ownership at the outset to get the most money possible, or can be a partial home reversion plan where you sell only a percentage of your homes ownership initially, in return for a lump sum. The remaining percentage remains in trust for you to either sell further percentages in the future to raise more money, or to leave for beneficiaries. However, even with a partial home reversion plan you will only leave your estate the value of any remaining share, actual ownership of any remaining share will still normally transfer to the reversion company on your, or last applicants death, or move into care.
The value of any remaining share held in trust for you or your beneficiaries under a partial home reversion plan, will be the value applying at time of death and not the value applying at outset.
For more information about home reversion plans go to home reversion plans.
Home reversion advice.
Should you feel that home reversion plans may be suitable and would like to discuss them in more detail with us, please call us on FREEPHONE 0800 970 4883 or complete our online enquiry form and we will call you back just as soon as possible.