A home reversion plan is different to a lifetime mortgage. Here, a home reversion provider buys a percentage (or all) of your property (at less than market value) and in return gives you a tax-free cash lump sum. You are then given a lifetime tenancy that allows you to live rent-free in the property for the rest of your life.
By selling a percentage of the value of your house, you are effectively ring-fencing part of its final value for your beneficiaries. When the last homeowner dies or moves into long-term care, the house is sold, whereupon the respective percentages are divided accordingly between the lender and beneficiaries.
If you want to discuss if this is the right option for you then please get in touch.
