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.
How much will you have to pay for our equity release services?
For establishing your needs, undertaking research and making a recommendation, we charge an initial fee of £250 and a further fee of £2,000 will become due when the application for a lifetime mortgage or home reversion plan is made but payable on completion if the contract goes ahead.
This fee will be taken as commission from the product provider and you are to make up the difference between the two should the commission be less than £2,000. Should you not proceed with the contract you will liable for the whole fee.
We accept direct payment by cheque, debit card, credit card or bank transfer. We do not accept cash.
You will receive a personalised illustration when considering a particular equity release product. This will highlight the key facts about the lifetime mortgage or home reversion plan including any fees relating to it
THIS IS A HOME REVERSION PLAN. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION
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