Home reversion plans Homeowners can unlock a portion of the home's value by using a home reversion program. It can be used to release tax-free cash, provide for long-term care, or pay for improvements to the home.
However, equity release can have risks. It's important to discuss the risks of your plan with an independent financial adviser and a solicitor before signing any documents. It's also important to understand how your inheritance will be affected if you choose an equity release plan.
The most important factor to consider with an equity release plan is that you won't receive your full home's market value. The home reversion provider takes a risk on the house’s value. They will make an offer for a percentage of the home, and will only take money from the home when the property sells.lifetime mortgages martin lewis
Home reversion plans may not be the best option for everyone. They could have a significant tax penalty or cost, and they could affect your inheritance.