If you are looking for a desirable comparison to lifetime mortgage plan, then in that case it will not be a waste of time to look into home reversion plan.
What Is Home Reversion?
Under this kind of equity plan, you get to sell a part or all of your house or property to a home reversion provider and as a result of which you will be provided with the desirable lump sum or even a regular payment forts the part or whole of the property you have sold. In London, where the rates of the properties are already at a higher inclination than nearby cities, one generally gets 20% to 60% on the property sold based on the real market price.
Noting Points While Considering Home Reversion Plan
- One must make clear either he/she are going to receive the property’s value in lump sum or in small regular payments over a period of time.
- These types of plan are generally insured for the senior citizens of the age 60 to 70 or above. So, you must confirm the fact that is your age applicable for the all or else what is the minimum age limit that the reversion provider offers.
- Once you plan to leave the house, the reversion provider must obey all the procedures needed for the equitable security under the equity release plan. Moreover, you must opt for a no negative equity plan.
- Most importantly it is your right to continue living in the house till you plan to or till your death.
- You must acknowledge the percentage of the market value you will get from a number of provides side settle for the best one.
While lifetime mortgage still seems to be a better idea, home reversion is undoubtedly oriented in the interest of old aged people. In order to clear your doubts on this interest feel free to reach this website – http://www.londonequityrelease.net/