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Home Reversion

If you have concerns around the build up of Interest, and with concerns about inheritance you want to leave.

This plan is a type of Equity release part or all the homeowner property is sold in exchange for a tax free sum or regular payments. The client stays in the property, this is called a lifetime tenancy, this protects the homeowners residency and the freedom to live in their home rent free for the rest of their life.

A home reversion plan works in the following way. You exchange the ownership of some or all of your property in return for funds. You have the right to stay within your property, free of charge, for as long as you live.

This is also known as a lifetime lease; Because you can continue to live within your home, rent free, for life.

You must consider the following regarding home reversion plans. You will not receive the full amount of the properties market value.

These plans are not the most popular and not used much at all these days.

 

What are the advantages
  • You will be allowed to stay in your own home for the rest of your life, or until you move into long-term care.
  • You can ‘ring-fence’ a portion of your property for inheritance.
  • You benefit on your share of ownership from any increases in the value of your property over time.
  • The equity release on your main property is tax-free.
  • There is no interest to pay with a home reversion plan because this type of scheme is not a loan.
  • There is no need to move home, downsize or relocate.
What are the disadvantages
  • You will no longer own 100 per cent of your home.
  • You won’t receive the full market value for your property.
  • Home reversion could affect your entitlement to means-tested benefits.
  • You won’t be able to leave your entire property to your beneficiaries and, thus, their inheritance will be reduced.

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Zest Later Life Financial Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Zest Later Life Financial Ltd, Suite 103, South Way Business Centre, Southwell Park, Portland, DT5 2NL. Registered Company Number: 13667038 Registered in England & Wales. Zest Later Life Financial is authorised and regulated by the Financial Conduct Authority (Registration Number: 978670). ICO Number: ZB 350993.
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