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A Home Reversion plan involves you selling part, or all, of your home to a home reversion company, whilst retaining the right to live in the property for the rest of your life. In return you get a cash lump sum or an income which you can spend on almost anything you want.
You will receive less than the full market value of your home, because the reversion company cannot sell the property until you die or move permanently into long-term care.
Provided you only sell part of your home to the home reversion company, you will also benefit from any increases in house prices during your lifetime on the part of the property you still own.
When the property is eventually sold, the home reversion company takes the proceeds of the percentage that it owns and any remainder goes to you or to your estate.
Call the Moneyfacts Equity Release Advice Service provided by retirement specialist Just Retirement Solutions Limited on 01737 233462^ . There’s no obligation to buy but an advice and arrangement fee of £749 is payable if you purchase a product that Just Retirement Solutions recommends.
Just Retirement Solutions has helped retirees release an average of £41,988* from their homes. Their advice is always quality checked and you’ll only be recommended a product where neither you nor your loved ones will ever owe more than the value of your home. Their expert team can answer your questions, guide you through the process and help you make the right decision for your circumstances.
As releasing equity can affect your entitlement to state benefits, everyone receives a full state benefits review. In fact, over half of the people that Just Retirement Solutions speaks to are eligible to claim benefits, and new claims can be worth up to £6,890 a year**.
*Average initial release value taken by unique Moneyfacts customer, between 2007 – July 2016.
**Based on a sample of 196 Just Retirement Solutions customers between 1/1/2015 and 31/12/2015.
^ Lines are open 9am to 5pm, Monday to Friday (except bank holidays). Calls may be recorded or monitored, and may be charged.
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