Home reversion is a type of equity release, but unlike lifetime mortgages which are loans, home reversion plans involve selling a percentage of your house to the plan provider in exchange for a cash lump sum. Professional advice is essential when buying any financial product, and there’s no change with equity release. For over five years, Aviva has helped over 150,000 people secure their retirement future with proper equity release mortgages. Aviva is one of the best known & trusted equity release provider. Click here and complete the short form above to get a free no-obligation Equity Release comparison. . A home reversion plan allows homeowners to remain in their home although they have transferred the legal title of their home to the home reversion provider. With a home reversion plan, you agree to sell all or part of your property to the reversion company, for an agreed lump sum of money. Once the agreement has been signed the ownership of the property transfers to the reversion company. It’s a type of equity-release scheme that lets you use some of the money that’s tied up in your home.You could use this to pay for your long-term care, but only if you’re looking to stay in your home.With a home reversion scheme, you Most people choose the home reversion plan because it provides them with the option of being able to leave an inheritance. There are two main types of equity release plans: lifetime mortgages and home reversion plans. 0 If they sell just a part of it, they can leave the other part as an inheritance for their family. The proportion of your home sold remains fixed throughout the scheme. : %%EOF Aviva will accept new business applications for its home reversion plan, which is funded by Grainger plc, owner of home reversion specialist Bridgewater Equity Release, until 10 February. h�b```f``�f`e``�fd@ A�(G�D��Kg�� . A Home reversion plan is another financial product that is available to homeowners looking to gain access to the money tied up in their properties. Our site provides information about Equity Release - both Lifetime Mortgages and Home Reversion Plans. Login to MyAviva, the simple way to view and manage your insurance, savings and investment policies in one place, whether you’re at home or on the go. Similarly, the Aviva home reversion plan is no longer available to new customers. %PDF-1.5 %���� As such, home reversion plans are high-risk products. Advantages of Equity Release Schemes Home reversion schemes may impact entitlements to state benefits. Aviva will stop offering home reversion plans from February 2012, saying the majority of its clients opt for lifetime mortgages. All quotes can be tailored to your own circumstances and you are under no obligation to proceed. Full written terms and conditions are available on request. Therefore , given the choice of schemes & the many scenario’s that exist with people’s requirement it is imperative that independent equity release advice is provided. endstream endobj startxref If you would like to know more, or would like a free no-obligation assessment tailored to your personal circumstances, please complete the form at the top of the page. If the homeowners would like to buy back the share of their property that they sold, they will have to pay the full market value. The Home Reversion Plan is available in England and Wales and is not regulated by the Financial Services Authority. A home reversion plan is portable. Aviva only offers lifetime mortgages. Crown home reversion is one of the few schemes still open to new customers, but most retirement mortgage brokers would recommend alternatives to home reversion, such as lifetime mortgages. How popular is Aviva Equity Release schemes? endstream endobj 101 0 obj <> endobj 102 0 obj <> endobj 103 0 obj <>stream Polar Mortgages is not authorised and regulated by the financial conduct authority and is not on the financial services register. 118 0 obj <>/Filter/FlateDecode/ID[<78F2CE4E4542F0F5C1B1FAD75F8DEB26>]/Index[100 31]/Info 99 0 R/Length 97/Prev 245729/Root 101 0 R/Size 131/Type/XRef/W[1 3 1]>>stream ... Home Reversion Plans. Customers retain the right to continue living in their home for the rest of their life but when the home is sold, the provider receives the same proportion of the sale proceeds as originally sold to them by the homeowner. A home reversion plan requires a legal conveyancetransferring legal ownership or a proportion of it to the reversion provider. With a home reversion plan an investment company will buy all or part of your home (or arrange for someone else to buy it) and you will receive the sale proceeds as a … This means that if for any reason homeowners need to move to a new home, the plan can be transferred to the new home as long as the new home is eligible. A home reversion plan allows homeowners to remain in their home although they have transferred the legal title of their home to the home reversion provider. Companies such as Retirement Plus, Aviva, Home and Capital, and Partnership did offer enhanced home reversion plans, which seem to have now been withdrawn. They are free to remain in their home rent free until they pass away or until they are no longer capable of taking care of themselves. 130 0 obj <>stream 100 0 obj <> endobj Howe initially wanted more information on the Home Reversion plan but once we established her needs it become apparent a lifetime mortgage scheme was more ideal because.. Luna Howe Released £50,000 Joseph was a returning client whom had taken out a Papilio mortgage in the past and wanted to re-broke it following Aviva’s slash in interest rates. Often it only offers the maximum lump sum plan results rather than any other Aviva product an independent website has access to. This differs to the standard home reversion plan in that the sum of money you receive is larger and you will live rent free. How Far Has The Lifetime Mortgage Evolved? �`@���&��D�Mȕ�3)r �(2ThEڭ��C ~(�U(�>�'4{I�m����}�_�+<0؂���l`V��s��-��Z�̭Z�ع]ː?wj2�f0����Gq%™B,@�'b��;�L������K�U�)�4��pJ�wf��ǻ��N�`;�V"���l�ǻ[��7�f�������I�+b�bG�b?�9�Mz&|Y�h�,��$ަ��bX�qv�4�x+�ZO#�e)�jCgE��3�zҞ-p�8KW�|� �h(���B1�2�ɢ�ϝ�U:xo�i�]�"I�5}J�a^��z����7q�du. Are you entitled to an Enhanced Equity Release Plan? Making up a tiny minority of the market, a Home Reversion plan sees you sell part of your home to an Equity Release provider for less than the market value. Dependent upon completion of assessing how much more your client. Aviva Flexi Lifetime Mortgage Release equity from your house with Aviva Flexi Lifetime Mortgage No regular monthly repayments unless you just want to pay interest each month Use the money to keep another family member away from a high LTV mortgage �;.ᶍ&Ꮂ��y���~�e��W�2����� If only a proportion is transferred, the reversion provider and customer become joint owners on a tenants in common basis. They provide two standard products: Lifestyle Flexi Option and Lump Sum Max Plan. Home Reversion: £60,000 40.0% £45,000 More info Get quote Get smartER Home Reversion Plan (escalating rent) £60,000 28.8% £86,400 More info Get quote Get smartER Home Reversion Plan … Is It Hard Releasing Equity From Your Home. July 4, 2014 Aviva, Enhanced Equity Release, Enhanced Equity Release Plan, ... Information provided is based on lifetime mortgage UK and home reversion UK plans. By selling a share of your property, you become a co-owner but continue to enjoy the right to live in … When you unlock money from your home in this way, you will be given a Lifetime Lease. A home reversion plan is portable. Advantages of Home Reversion Plans Often used to help tax planning and interest rates on the money can be appealing. A home reversion plan sees you selling a stake in your property in return for a cash lump sum. A monthly payment lifetime mortgage can reduce the value of your estate. Aviva Equity Release is such a provider that offers lifetime mortgages to eligible members. The home reversion provider purchases the property for a lower value as a form of compensation for allowing the homeowners to continue to remain in the property. h�bbd```b``6�A ��,rL��ȁH�V��0i�̶�*�A�C ��H2��u�@��~�9�@��ʥL@?��20�I�g`�� � When the plan ends, your home is sold and the proceeds are split based on the ownership stakes each party holds. Aviva is known for providing quality equity release products to the market such as their enhanced lifetime mortgage plan. Norwich Union is the market leading equity release provider with a market share of 37% (source: Safe Home Income Plans Q2 2005). A low-cost way of maintaining a family to buy their own home or pay off your debts like loans and credit cards, so you have lower monthly outgoings. hޤUmo�0�+��jb��T!A(m�B�&[+!>�B���ē����NB�Z�v�����'�� #�`İ�91\f��̄�$���Elq��9 Unlike a lifetime mortgage, a home reversion plan involves giving up full or part ownership of the property the client is wishing to borrow on. The home reversion plan is not one of the most popular equity release schemes due to the fact that the property is sold for less than its market value. The Aviva Home Reversion plan has a maximum age of 80, Hodge’s Shared Growth option is 85, whilst Bridgewater’s’ Home Reversion plans have a maximum age of 90+. One of the advantages of a home reversion plan is that homeowners are not required to sell their entire property. Simply click on the chapter you’re interested in to review the revision materials. There are two main types of equity release: lifetime mortgages and home reversion plans. If our lifetime mortgage is right for you, they'll be able to give you a personal illustration and highlight the benefits, as well as the costs and risks. Different plans have different eligibility criteria and terms of lending. Aviva Equity Release UK Limited can put you in touch with an equity release financial adviser who'll review your needs and future plans with you in person. Why Equity Release Calculator Interest is on the Increase. This option is now being included in the roll-up lifetime mortgage schemes of Aviva which is why it has decided to no longer place emphasis on the home reversion plans. Polar Mortgages is not a member of the equity release council and cannot advise on types of equity release. Aviva has been providing home reversion plans as well as lifetime mortgages to homeowner over the years via Grainger PLC. To understand the features and risks of equity release schemes please ask for a personalised illustration. It means these brokers are only allowed to talk about Aviva lump sum products or the flexible plan offered. Successful claims process was a mortgage calculator compare? Welcome to our equity release exam-revision support. We are not an equity release lender or home reversion schemes provider and cannot offer expert advice and are not part of any industry body. These are Home reversion plans which allow you to sell part, or all your property in exchange for a cash lump sum. They are free to remain in their home rent free until they pass away or until they are no longer capable of taking care of themselves. A rental home reversion arrangement allows you to sell your home for a lump sum amount and then rent it back at an agreed discounted amount. Each module is supported by self-test questions and answers, helping you to assess the knowledge you’ve gained. Aviva and Tied Sale Representatives In July 2013, Aviva stopped providing in house representatives and moved to outside brokers with tied representative. This is the case with Aviva. We compare UK Equity Release Providers. A home reversion plan enables a homeowner to sell part, or all, of their home in return for a cash lump sum payment. A home reversion plan is an equity release scheme that gives homeowners the opportunity to sell their property or a part of it in order to obtain money that they can spend on whatever they want. Norwich Union is the UK’s largest insurer. When homeowners are considering equity release, it is advisable for them to involve their family in the decision process as any decision will impact on their eventual inheritance. You are able to stay and live in your home for the entirety of your life. You may need to pay a broker’s fee, and you could have higher rates to pay with some plans. The Aviva equity release calculator works as a representative would. To understand their features, benefits and risks, please contact Equity Release Supermarket for a personalised, key facts illustration. Details of ownership must be registered at HM Land Registry. So they still end up losing. A home reversion mortgage plan is a way of releasing equity where you sell a share of your home in return for either a tax-free lump sum, or an extra source of regular income. Home reversion plans. It is designed to give you results based on Aviva products only. Aviva Lifetime Mortgage Calculator Included on aviva lifetime mortgage you own and releasing equity release calculator at the money back local shops instead, rather a lifetime mortgage secured against your questions on. ?$x�߰�0t5�ʥ|�Z��jY:P Ky#W�)E�N��VdE-\z2�m�$W歅1�*�esW �k�\���Ae��I�L~�� 0��A����Ĕ .p+X����[��0f`Y���X�tk~�|�|��l7"���/d��x[V0@u��giF �b;VG�Q � ��X� We have a nationwide team of equity release advisers ready to provide expert advice via the telephone, email, face-to-face, or live chat… Aviva’s downsizing protection feature allows you to sell your home after 3 years, and repay your lifetime mortgage without incurring any early repayment charges dependent upon the property you move into. However, they have now decided to withdraw its home reversion plan with immediate effect. Broker ’ s fee, and you will be given a lifetime Lease dependent upon completion of how. Services authority under no obligation to proceed common basis as lifetime Mortgages to over. 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