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National Equity Release Pension Conference

Compare Home Reversion Mortgages

Home reversion plans are among the most popular equity release schemes of the day. After all, where else can you sell part or all of your property for a tax-free lump sum? Well, if you are looking for an extra stash of cash to complete a project or regular, periodic payments as additional income, a home reversion plan could be the solution.

The Home Reversion Calculation

The amount of capital given in a home reversion plan is dependent on several factors. It is important to note that different lenders look at varying factors when determining the amount of equity to be released. However, there are some basic considerations that cut across the board. These considerations include the following.

• Property valuation – all properties that are to be considered for a home reversion pan must be at least 80,000

• Age – the youngest home owner should be no less than 65 years

• Property percentage to be reversed – the home owner can get up to 100%

• Home owners’ health – ill health increases the amount given in a home reversion plan

The math is simple; this equity release scheme is based on life expectancy. Therefore, any condition (illness, age etc.) that is perceived to reduce life expectancy is likely to increase the amount of tax free cash you get.

Home Reversion Deals

There are two service providers that offer deals on home reversion plans. Let’s compare these deals and see what you get out of your home.

Provider

Product

Lump sum (£)

Equity released (£)

Percentage Sold (%)

Maximum Period

Crown       

Crown ER Plan

150,100

150,100

60.04

For Life

Bridge Water

BW Flexible ER Plan

50,000

150,112

60.04

For Life

Bridge Water

Secured Escalating Release Plan

Negotiable

Dependent on property value

Up to 100

15 years

Bridge Water

Maximum Release Plan

Maximum of property value

Dependent on property value

100

For life

Bridgewater Flexible ER Plan

In this plan, you are allowed to sell the portion of the property that you feel comfortable with (which can be anything between 25% and 100%). In this plan, you will get a lump sum (and periodic payments) for life. The requirement is that the property value has to be at least £75,000.  You still retain the rights to live in your property rent-free for life.

The plan starts with home owners who are at least 65 years of age. The home owner should be willing to release £25,000 or at least 25% of the property value. You can get additional protection from early vacancy guarantee, Consumer Financial Protection, and House Prices Inflation Protection.

Crown Equity Release

Crown is keen on giving plans that adhere to the rules set by the Equity Release Council, same as all other reputable service providers. In this plan, you can sell whatever percentage of the property you fancy. For your property to be considered for this plan, it has to be at least £80,000 in value, and the youngest home owner should be at least 65 years old.

Crown Equity Release providers are very particular about the property they consider for home reversion. Any property on short leasehold, with non-standard construction or ex-council properties are considered each on its merits. You can release up to 1000% of your property’s value. If a partial sale is made, it can later be amended, with a minimum of £10,000 release at a time.

A Little More About Home Reversion Plans

As opposed to other equity release schemes, a home reversion plan does not require you to pay any interest. It is simply selling your home yet you are allowed to still stay in it rent free. You imply become a co-owner (in case of a partial reversion). Be sure to check out comparing owner perceptions with transaction-based indexes. Keep in mind that the proceeds from that sale are tax-free!

Your Obligations as Home Owner

As much as you are a co-owner, you will still be required to take care of the property as if you were still the sole owner. As such, the property is expected to maintain its value over the course of the reversion plan. 

When taking up the home reversion plan, it is important to note that you will be required to pay your own legal fees as well as valuation charges. You will also need the services of an experienced adviser, especially one who is very familiar with equity release schemes.

Pointers to Keep In Mind

Home reversion plans can be one of the housing market risks in the United Kingdom. Therefore, before taking up a plan, it is important to ascertain that it is the right product for you.

For starters, as much as you will never pay rent for as long as you live in the property in question, the reversion plan will affect long term financial planning, inheritance, benefits and comes with some tax complications. Be sure to check out HERMIT for more pointers. It is therefore important that you consult an experienced financial adviser before taking up any equity release scheme.


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    Lifetime Mortgage

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    Home Equity Release

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    Nationwide Equity Release

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    Releasing Equity From Your Home

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    Age Concern Equity Release

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    Equity Release Explained

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    Key Advice Equity Release

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    Equity Release Lifetime Mortgage

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    Lifetime Mortgage Providers

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    Lifetime Mortgage Explained

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    Maximum Equity Release


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