How does it work?
With this plan, you sell part of or your entire home to a reversion plan company in exchange for a tax-free cash lump sum and a guaranteed lifetime lease with no monthly repayments to meet.
You can stay in your home either rent-free or by paying a nominal rent for as long as you choose and you can guarantee an inheritance to your beneficiaries. Both you and the reversion scheme company share in any increase in your property's value, provided you have not exchanged 100% of its value.
ADVANTAGES
- No monthly repayments to make.
- You know what proportion of your home will be used at the outset.
- You can leave a fixed proportion of equity to your estate.
- Flexible home reversions now allow you to release the right amount for your needs today, whilst having a guarantee of further cash releases if or when required in the future.
- You benefit from any increase in value of the percentage of the property that you still own.
- May be available to those aged 55+ and you can typically raise more money from your home at a younger age with a reversion plan than a lifetime mortgage would allow.
- You'll be able to release more money the older you are.
- You can usually still move home (subject to certain restrictions).
DISADVANTAGES
- You do not typically receive the full market value of the share of the property you sell. This is due to the fact that the reversion plan company gives you the absolute right to live in it rent-free for the rest of your life. They, however, do not make their return on investment for a number of years.
- You only benefit from any rises in house prices on the proportion you still own.
- Reversion plans cannot usually be reversed as you are selling part of your home.
- Reversion plan providers do not usually guarantee further advances.
- If you choose to end the plan early, charges may apply.
- Your tax position and eligibility for means-tested benefits may be affected.
What were the circumstances that caused you to initially look for an adviser?
For our mortgage application
How has Jenny Whyte helped you?
With the mortgage application and made the entire process so much easier and speedy.
Have you seen the outcome you were hoping for?
Yes we were able to purchase our property within a two month period
What could they have done better?
Nothing as Jenny was excellent and I have since referred her to others
Jenny's reply
Thanks Linda and for recommending me to your friends! I will be in touch soon to discuss your remortgage.
What were the circumstances that caused you to initially look for an adviser?
We've used Jenny before to help secure a mortgage, so when our fixed term was coming to an end, we were happy to use her services again.
How has Jenny Whyte helped you?
she helped us renew our mortgage.
Have you seen the outcome you were hoping for?
Yes, we're on the best fixed rate we could have achieved under the economic circumstances.
Jenny's reply
Thanks Kate for the review. I hope you have a fantastic special birthday celebration in July!
What were the circumstances that caused you to initially look for an adviser?
We initially contacted Jenny to find out about mortgage options for us.
How has Jenny Whyte helped you?
Jenny has gone above and beyond to support us in our first house purchase together. From navigating mortgage options that suit us and not pushing us into just any deal to thoroughly explaining all the different options when it comes to insurance and protection. She has also been incredibly helpful when our initial sale fell through. She kept us in the loop, every step of the way and responded to our queries and questions with lightening speed and has always been available when we needed her. She has given us exceptional service throughout.
Have you seen the outcome you were hoping for?
Yes.
What could they have done better?
Nothing. Honestly, everything has been perfect.
Jenny's reply
Thank you Victoria and Graham for the lovely review. Fingers crossed for a smooth house move!
What were the circumstances that caused you to initially look for an adviser?
We was after some help in finding the best mortgage interest rates and advice on what type of mortgage to go for.
How has Jenny Whyte helped you?
Jenny helped us by explaining different types of mortgages and their pro’s and con’s. She also managed to find us mortgages that accept price work which was helpful. Jenny managed to get us a rate we was happy with.
Have you seen the outcome you were hoping for?
Yes
Jenny's reply
Thank you James and Jasmine for the lovely review, it's been fantastic to work with you both. I hope the house move goes smoothly!
What were the circumstances that caused you to initially look for an adviser?
Remortgage
How has Jenny Whyte helped you?
Advised on available mortgages
Have you seen the outcome you were hoping for?
Yes
What could they have done better?
Nothing
