mass noun, usually as modifierA financial agreement by which a person relinquishes all or part of the ownership of their home in exchange for a lump sum, while retaining the right to live there.
with a home reversion plan, if you sell 100 per cent of your home you'll still be responsible for maintaining it even though you no longer own it
home reversion is another option
Example sentencesExamples
The Government is set to regulate subprime lenders, home reversion and equity release agencies within weeks.
It is also looking at reforming the annuities market and regulating equity release and home reversion plans to enable people to release money from their homes.
A single man aged 70 with a £200,000 home who took a home reversion scheme on half of it might get a lump sum of around £48,000.
Equity release may involve a lifetime mortgage or home reversion plan.
The number of equity release customers gifting the cash to family and friends has doubled, research from home reversion specialist Bridgewater Equity Release reveals.
Lenders that are serious about doing business in the equity release market should improve the terms of their reverse mortgages and consider introducing home reversion products.
"I think you should take out one of Richard's home reversion plans."
The current lack of regulation has led to fears of unscrupulous practices and has contributed to the decline in home reversions.
Home reversion plans account for less than 1% of the overall equity release market.
With home reversion plans homeowners sell their property to release a cash lump sum, but remain in their home effectively paying rent to the equity release firm.
Definition of home reversion in US English:
home reversion
noun
British
usually as modifierA financial agreement by which a person relinquishes all or part of the ownership of their home in exchange for a lump sum, while retaining the right to live there.
with a home reversion plan, if you sell 100 percent of your home you'll still be responsible for maintaining it even though you no longer own it
home reversion is another option
Example sentencesExamples
It is also looking at reforming the annuities market and regulating equity release and home reversion plans to enable people to release money from their homes.
The current lack of regulation has led to fears of unscrupulous practices and has contributed to the decline in home reversions.
The Government is set to regulate subprime lenders, home reversion and equity release agencies within weeks.
Home reversion plans account for less than 1% of the overall equity release market.
With home reversion plans homeowners sell their property to release a cash lump sum, but remain in their home effectively paying rent to the equity release firm.
The number of equity release customers gifting the cash to family and friends has doubled, research from home reversion specialist Bridgewater Equity Release reveals.
"I think you should take out one of Richard's home reversion plans."
A single man aged 70 with a £200,000 home who took a home reversion scheme on half of it might get a lump sum of around £48,000.
Lenders that are serious about doing business in the equity release market should improve the terms of their reverse mortgages and consider introducing home reversion products.
Equity release may involve a lifetime mortgage or home reversion plan.