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We are authorised and regulated by the Financial Conduct Authority (FCA) and members of the Equity Release Council.
Bower has always supported the aims of The Council and the associated SHIP safeguards which our membership offers, such as its commitment to impartial advice.
What’s appealing about a home reversion plan is that you can unlock tax-free cash from your home without any monthly repayments or roll up of interest.
Basically, you sell your home, or a percentage of it, to a provider in exchange for a discounted lump sum. You can stay in the property for life or until you want to sell it, at which point the provider will reclaim the percentage they own of the sale price (100%, 75% etc).
The home reversion company effectively grants you the right to remain in the property for the rest of your life ‘rent-free’.
If you sold half of your property to the reversion company, when the plan comes to an end (usually when you pass away or move into long-term care) then the money raised from the resulting sale of your home would be split equally between the reversion company and your estate.
To find out more, and to see if a home reversion plan is suitable for you, get in touch with our experts today on free phone 0203 817 6050