Jameson Financial specialises in Home Reversion agreements where you can make the most of your retirement by releasing some of the equity in your home.
You may be one of the many people who have seen substantial increases in the value of their homes over the past thirty years, but who are now asset rich and cash poor. The money you release from your home can be used for any purpose, such as paying off debt, home improvements, a holiday or perhaps a deposit to help your son or daughter purchase their own home.
It is important to remember that under a Home Reversion Agreement you are selling part of your home, which is typically up to 70% but could be as high as 90%. Also, depending on your age there is usually a monthly rent payment to the Home Reversion firm. Crucially though, under a Home Reversion agreement you are entitled to remain in your own home until your death.
Key Features
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You stay in your home for the rest of your life or until you move permanently into care
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You retain ownership of the proportion of the house which you have not sold, and this becomes part of your estate when you die
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You can use the cash released to pay off debt or for any other purpose
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Cash released is tax-free
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Flexible rent payment options with an option to cease payments altogether when you get older
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It is possible for a family member, at a later date, to buy back the share of the home bought by the Home Reversion firm
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If your home falls in value, you benefit for having received your cash lump sum based on the higher value of the property. In other words, as far as the cash payment is concerned, it is the Home Reversion firm which carries that risk
To qualify
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You must be over 55 years of age
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Your home must be in the Republic of Ireland
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Your home must be worth over €120,000
Taking out a Home Reversion Agreement on your home is an important decision, but it may be the right solution for your needs and circumstances. Rest assured that Jameson Financial will carefully explain the advantages and disadvantages and will emphasise the importance of taking sound legal advice on the matter.
