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The older you are when you start a home reversion scheme, the higher the percentage you’ll get of your home’s market value. You will hold a lifetime lease that allows you to stay in your home and on death or sale of the property the reversion company gets the share you originally sold.
Download this information in our Home Reversion Scheme Factsheet
Equity release plans allow you to use the money in your home, to increase your income in retirement.
There are two types of equity release plan:
Home reversion plans work by you selling part, or all of your home to a reversion company. The reversion company buys at under market value, and then benefits from increases in house prices throughout your lifetime. Because house prices have fallen since their peak in 2007, there are currently only a few home reversion schemes available.
Although you may sell your home in full, you still remain living there. You get a lifetime lease that allows you to stay in the house rent free, or with a nominal low rent - and there are no interest repayments. The home reversion scheme ends when you die, or when the property is sold.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
Call Just Retirement Solutions on 01737 233462
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