There are few facts about equity release schemes. A home reversion plans are meant to provide the certain benefits for older people. Some of the features of this scheme are elaborated as below:
- The borrower will sell all or parts of the house to a home reversion company which in turn arranges for someone else to buy all or some part of the house.
- With this equity release scheme, you are able to lump-sum money, steady income or both for the lifetime.
- You will no longer be the owner of the house rather live in your house as a tenant of home reversion company which has acquired the possession.