What are Home Reversions?

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What are Home Reversions?

Home Reversions are a form of Equity Release. They basically mean that you sell part or your entire home to a home reversion provider in exchange for a consideration, be it an income or a cash amount. These home reversion buyers do not necessarily have to be a finance institution but can be stand alone companies. The company draws up a lease which allows the owners to remain and peaceful enjoyment of the property for the remainder of there life, or has moved to a long term residential care. The FSA has defined a home reversion scheme as a plan provider buys all or a part of a property, the seller has rights to occupy at least 40% of the property, and specifies the qualifying events which will terminate the agreement. Advantages of a home reversion are as follows, cash raised can be used as the borrower wishes, no monthly payments are required, the borrower is guaranteed lifetime occupancy, any equity remaining will be retained and finally the future position is certainty there is no rolled up interest. The Disadvantages of Home Reversion as follows, the plan holder looses ownership of part of the property sold, thus loosing any further growth in the property. The cash received may not reflect a true valuation of the part sold, the income based option may have limited choice of annuities, if the plan owner dies early then the home reversion option could be very expensive, moving home would be difficult, and finally the income or capital could affect the claimant’s right to state benefits.