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 Glossary   >   H   >   "Home reversion plan" Definition   

        Home reversion plan

A plan which offers elderly people the opportunity of raising cash on their property. A financial institution such as an insurance company makes a purchase at a price well below market value with the original owners being entitled to live in the property until their death. The cash received is used to purchase an annuity on which tax would be payable on the interest portion.Safe Home Income Plans (SHIP) is a self-regulatory body that was formed in 1991 to promote fairer schemes after thousands of elderly homeowners were left nursing large losses in the late Eighties. SHIP can be contacted on 01242 539494.

Home reversion plan
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Home reversion plan - A plan which offers elderly people the opportunity of raising cash on their property. A financial institution such as an insurance company makes a purchase at a price well below market value with the original owners being entitled to live in the property until their death. The cash received is used to purchase an annuity on which tax would be payable on the interest portion.Safe Home Income Plans (SHIP) is a self-regulatory body that was formed in 1991 to promote fairer schemes after thousands of elderly homeowners were left nursing large losses in the late Eighties. SHIP can be contacted on 01242 539494.


Home reversion plan : a plan which offers elderly people the opportunity of raising cash on their property. a financial institution such as an insurance company makes a purchase at a price well below market value with the original owners being entitled to live in the property until their death. the cash received is used to purchase an annuity on which tax would be payable on the interest portion.safe home income plans (ship) is a self-regulatory body that was formed in 1991 to promote fairer schemes after thousands of elderly homeowners were left nursing large losses in the late eighties. ship can be contacted on 01242 539494.