Selling part or all of your home with a Reversion Scheme - If you decide to use a reversion scheme, you will agree to sell all or part of your property for a fixed amount. As in other methods you can be given this money as a lump sum, a regular income or both. Don’t expect to be given the full market value of your property as with this method you will usually be offered between 20% to 50% of your property’s current value. This figure is also dependent on your age and your partner’s age.

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With a reversion scheme the percentage of your home which you sold belongs to the lender when you die. So, if you sell all of your home your family will have no rights to your property when you die, even if the value has increased. If you sell a percentage of your home, the remaining amount will be passed on to your beneficiaries. It’s important to note that some lenders may offer a rebate to inheritors if the owners die within a few years of signing up to the scheme.

Two Examples of How a Home Reversion Scheme Works

Your property has been valued at £100,000. You decide to sell all of your property to a reversion company for 50% of its value. You get £50,000 from the reversion scheme now, and you live in the property for your remaining lifetime. When you die you do not owe the reversion company anything, but the reversion company owns your home, irrelevant of its new market value.

You own a home worth £100,000 which you agree to sell to the reversion company for £50,000. You can get £25,000 now and when you die the reversion company will own half of your property. The rest will go to your beneficiaries. If the house sells at £150,000, £75,000 will belong to the reversion company and £75,000 will belong to your estate.

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