You might have heard of equity release products, which let you make use of the money tied up in the value of your home. There are two main types: Home Reversion Plans and Lifetime Mortgages.
With a lifetime mortgage you take out a loan, at an agreed rate of interest, which is secured against the value of your home. Depending on the product, interest is either added to the loan or it can be paid as you go along. You remain in your home and the debt is repaid when you die or leave your property, for example to move into long-term care. At this point the loan and any outstanding interest built up would need to be repaid.
With a home reversion plan, you sell a part or all of your home, as opposed to taking out a loan against it. You continue to live in your home for the rest of your life, with no additional debt, until you die or leave your property to go into care. You don’t pay any rent and there is no debt to repay. It remains your home to live in, look after and enjoy.
At Taylor Williams we only offer home reversion plans.
Choosing the right plan for you
All equity release plans are regulated by the Financial Conduct Authority (FCA), the UK’s governing body for financial services, to protect consumers. Your financial adviser will help you decide whether a home reversion plan is right for you based on your needs and circumstances.
MORE ABOUT TAYLOR WILLIAMS
You can contact us to find out more about Taylor Williams and the home reversion plans we offer.
But before you consider taking out a home reversion plan it’s important you speak to an independent financial adviser.
There’s a lot to think about and they’ll help you make the right decision for you.