Posted by admin On December 23rd 2020
Home reversion plans involve the homeowner selling a percentage of, or their entire, house, flat or other property, to the lender. The person(s) still have the right to live in the house, rent-free, until their death(s) or until they go into permanent residential care. At that point in time the property is sold, and the lender receives a share of the proceeds equivalent to their share of the ownership. Basically, if they owned 40 per cent of the property, they would receive 40 per cent of the proceeds from the sale.