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Home Income Plan
Realise the wealth tied up in your home.
With a home income plan, equity is released through a lifetime mortgage or a home reversion plan and is automatically invested into an annuity that is built into the plan, to generate an income for life. A cash lump sum may be available in addition to an income, but the amount may be restricted.
An annuity is a plan that guarantees a series of payments in exchange for a cash lump sum. The income you receive will depend on prevailing annuity rates, your age at the outset and your gender.
The advantages and disadvantages of home income plans largely depend on whether the money is released through a lifetime mortgage or a reversion plan, however, annuities have their own set of pros and cons:
EQUITY RELEASE (INCLUDING HOME INCOME PLANS, LIFETIME MORTGAGES AND HOME REVERSION PLANS) WILL REDUCE THE VALUE OF YOUR ESTATE AND CAN AFFECT YOUR ELIGIBILITY FOR MEANS TESTED BENEFITS.
Value | Move | % |
FTSE 100 | ||
8170.89 | 4.21 | 0.052 |
FTSE 250 | ||
20564.48 | 117.781 | 0.576 |
FTSE 350 | ||
4507.99 | 5.58 | 0.124 |
FTSE All Shares | ||
4465.44 | 5.41 | 0.121 |
Dow Jones | ||
43729.93 | 1508.051 | 3.572 |
Nasdaq | ||
18983.465 | 544.295 | 2.952 |