You decide how much of the value of your home you want to use to generate your cash lump sum and how much you wish to retain as an inheritance, if any.
Once you decide on this, you sell this value share to Sixty Plus Finance. But because you keep the right to live in your home for as long as you wish, the cash sum you receive for this value share is discounted over your life expectancy. This means you do not get full market value for the share you sell.
When the home reversion plan ends the property is sold and the proceeds are shared according to ownership.
You can still plan to leave your family an inheritance as you only use part of the value of your home
You know from the start the amount that will be retained by Sixty Plus Finance
There are no repayments to make and there is no interest charged
There is no uncertainty about interest rates rising in the future
You can move to a new home if you wish
You can buy back your share at market value at any time
If you need to raise more money anytime in the future, you can sell another share
Your Solicitor holds the title deeds
Yes, if you (and your spouse) are both over 65 and own your own home
Yes, if you are happy to sell a value share that meets our minimum and maximum criteria:
Minimum Allowed: A value share that gives you a minimum cash sum of 50,000
Maximum Allowed: A value share based on your house value:
|
|
Your House Value
|
Maximum Value
Share that you can sell
|
|
1
|
150,000 - 500,000
|
70%
|
|
2
|
500,000 - 1,000,0000
|
60%
|
|
3
|
1,000,000 - 1,500,000
|
40%
|
There are no costs until you have talked everything through with one of our Senior Consultants and are happy to go ahead. Then you pay for:
The independent valuation of your home which costs about 160
Your solicitors fees
An administration fee of 500; 300 payable when you accept your offer, this fee is non refundable and 200 payable at close of contract
*200 can be deducted from the monies you receive from Sixty Plus Finance
As the home reversion is discounted up front there are no repayments to make - ever. The plan ends when both of you pass away or leave the home to move into permanent long-term care. At this time the house is sold and the proceeds are split according to ownership.
|
Gender
|
Age
|
Life Expectancy
in years
|
Market
Value of 50% Share |
Estimate
Cash sum paid to you for 50% Share |
|
Male
|
70
|
14.92
|
250,000
|
134,859
|
|
Female
|
70 |
16.88
|
250,000
|
125,485
|
|
Couple
|
Both 70
|
19.97
|
250,000
|
112,692
|
Please note: This is a sample illustration only, and is not a formal quotation.
|
