live in caregiver los angeles Home Reversion Plans in 2019 - The Advantage & Disadvantages

Hello - In this video we look at the pros and cons of home reversion plans, which are a type of equity release. You can read more about them here - https://ukcareguide.co.uk/home-revers...

You can also find out more about UK Care Guide by visiting:

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Here is a transcript of the video:

Hello, I’m Rose from the UK Care Guide, and in this 2-3 minute video, I am going to explain the advantages and disadvantages of a Home Reversion Plan.

To start, as you are no doubt aware, equity release schemes are rapidly growing in prevalence in the UK and overseas – and with good reason. Of this Home Reversion Plans are becoming more and more popular.

If you are looking at these plans, there are some pros and cons that you should be aware of.
I’ll start by looking at the advantages.
Firstly, It’s a great way to access quick money to pay for later life and your care costs

2 - You get to stay in your home and benefit from the equity you have built up. This means that you don't need to move to a care home and get to enjoy living in the home you have lived in for years.

3 – The money that you take out of your home is tax-free. This lump sum can come in handy to help pay for your care costs or to even make modifications to your home so that you can make living in your home easier.

4 – Its an efficient way to avoid inheritance tax by taking some of the value locked in your home whilst you can enjoy it.

5 - It helps with your estate planning as you can use part to fund your care and part you can leave as an inheritance to your loved ones.

6 - If you want to buy a care fees annuity, you can use the proceeds of the Home Reversion plan to pay for this.
So, that covers the main advantages. Now let’s look at some of the disadvantages.
Firstly, due to the extra income you will have, you might find that there is an impact on the benefits you receive from the government.




This is because it will impact the assessment they do to see what income and capital you have.




2- A big thing is that you won't have a home to pass on as an inheritance, as it will need to be sold when you move in to a care home or pass on.

3 - Even though you will continue to live in the home, you will no longer be the sole owner of the property.

4 - If you decide to change your mind, there could be a financial impact to that.
This is because if you decide to buy back your share of the house, you would need to pay the full market rate, and this could be more than what you received for your share in the first place.

5 - Not all Home Reversion plans are portable. So, if you decided you wanted to sell your home and move elsewhere, you would need to get permission from the equity release provider.

6 - Any costs associated with the transaction, such as legal, mortgage arrangement and valuation fees will be met by the home owner

As ever we would always recommend that you speak to an equity release specialist who can help explain more about the advantages and disadvantages and how they would impact you specifically.




You can do this by either visiting our website and looking at our independent directory of equity release specialists or ringing the number at the end of the video.

Well, I hope you found this video useful. Please do watch our other video that discusses what a Home Reversion plan is.

Finally, if you found this video useful, please do like, share or subscribe to this video. It would really help us out but more importantly help more people see this information.

live in caregiver los angeles Home Reversion Plans in 2019 - The Advantage & Disadvantages
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