Home Reversion Plan
This involves the reversion company purchasing or arranging for someone else to purchase some or all of your property. You get the sale proceeds as a cash lump sum, although with some schemes the lump sum is invested to generate a regular income. Since the reversion company cannot re-sell the property until the earlier of your death or you move out, you will receive less than the market value for the percentage being purchased - typically 35% - 60%.
Generally speaking, the older you are when you start the scheme, the higher the percentage of the actual market value you'll receive for the portion of the property you are selling. When the property is sold, the reversion company receives the same percentage of the sale proceeds as that which they originally purchased. Your estate benefits from any rise in the value of any part of the property you may have retained.
For mortgages, you have a choice how we are paid.
No fee. We will be paid commission by the lender
A minimum fee of £200.00 payable at application stage or on completion of the mortgage; normally on completion. Typically the fee will be £200.00 but will depend on your circumstances. We will also be paid commission from the lender.
A fee of £150.00 per hour, payable at application stage or on completion of the mortgage; normally on completion. Typically the advice process will take 6 hours, which would be a fee of £900.00. The fee is subject to a minimum of £600.00. We will refund any commission from the lender.
You will receive a Key Facts illustration when considering a particular mortgage, which we will tell you about and any fees relating to it.
This is a Home Reversion Plan. To understand the features and risks, ask for a personalised illustration