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• A home reversion plan is a great way to gain access to money to pay for later life including care costs.
• You won’t have to move out of the property to a care home if you don’t want to.
• You’ll benefit from the equity you have built up over the years.
• The money you take out with a home reversion plan is tax-free. You can use it for any purpose.
• You can avoid inheritance tax.
• With partial home reversion, you can fund your care and can even leave a percentage of your property as an inheritance to your loved ones.
• Opting for a home reversion plan can have an impact on your entitlement to state benefits.
• You may not be the owner of the property if you sell it all. Therefore, in the case of a whole reversion, you can’t pass it on as an inheritance to your loved ones . In the case of a partial home reversion, you can leave the unsold portion as inheritance.
• If you decide to change your mind in the middle of a home reversion plan, you may suffer from a significant financial impact.
• You, as a homeowner, will bear legal andmortgage arrangementfees that are associated with a home reversion plan.
• You need permission from your equity release company if you decide to sell your home and move to another home.
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