There are currently three equity release providers offering home reversion plans. They are Hodge Lifetime’s Shared Growth Option, Newlife Mortgages’ Home Reversion Plan and Bridgewater’s Flexible Release Plan. Currently, Bridgewater’s Flexible Release Plan is the most flexible home reversion available.
Bridgewater is a subsidiary of Grainger plc. The company has been operating in the home reversion sector for many years and is a well-known and trusted name in the equity release market. The flexible release plan offers a number of options for clients that allows them to customise the amount they release and time at which they release to suit their individual needs.
The minimum property valuation for the Bridgewater flexible release plan is £75,000. The minimum applicant age for the flexible release plan is 65 years, and in case of joint applicants, the youngest applicant must be a minimum of 65 years old. The minimum amount that can be released is £25,000 or 25% of the property valuation, whichever is lesser. The maximum release amount is 100%.
The flexible release plan essentially allows customers to sell a portion of their house to release equity in the form of a cash lump sum while continuing to live in their home until death or they move into long term care. The flexibility lies in the fact that they can release the amount they need now, and have the guarantee of future releases, set up future releases for a set number of years for a maximum of 15 years, and also protect the equity for their beneficiaries by only selling a small percentage of the property.
The secure escalating release plan, which is a part of Bridgewater’s flexible home reversion plans, allows you to release a certain percentage of the equity now in the form of a tax free cash lump sum, and also set up annual increasing payments over a fixed number of years. The maximum number of years that you can do this is 15.
The maximum release plan allows you to release the full 100% of the equity, or 99.9% in mainland Scotland. The maximum release plan is designed for those who want to release the full amount of equity in their home while also continuing to live in the house for the rest of their lives.
Bridgewater is the only home reversion provider to currently offer secure escalating release options to customers, which is somewhat like a drawdown option, and it is the only provider to allow the guarantee of future releases.
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