Home Reversion Providers
Home reversion plans were the forerunner to today’s lifetime mortgages, and they are a type of equity release scheme where part, or all the homeowners’ property, is sold to the plan provider in exchange for a tax-free lump sum, or regular payments. A lifetime tenancy is then created, protecting the homeowners’ residency and freedom to live in their home rent-free for the rest of their life.
While not as popular these days, home reversion plans still have a place is you’re concerned about the inheritance you’ll leave for your loved ones or the property type you live in.
Other Later Life Lending Options
While home reversion schemes are one option to consider when looking to borrow in later life, you may also want to look at the alternatives. These include lifetime mortgages (the most popular type of equity release plans), Retirement Interest-Only (RIO) Mortgages and Retirement Mortgages.