Equity Release

A home reversion plan is one of the ways we can help you release the equity from your home. The home reversion plan offered by Norwich Union allows you to sell all or part of your home to the reversion provider, Grainger plc.

You'll receive a cash lump sum to spend on whatever you want and, although ownership of your property is transferred to Grainger plc, you'll be able to stay in your home for as long as you like rent-free.

What is the home reversion plan?

The home reversion plan offered by Norwich Union enables you to sell up to 100% of your property to our appointed home reversion provider Grainger plc and receive a cash lump sum. The legal title of your property will transfer to Grainger plc.

When the plan ends, which is usually when you die or if you go into long-term care, Grainger plc will sell the property and receive the total sale price. They will then take their share of the sale price and pay any balance to you or your estate.

Therefore, if you sell less than 100%, you can guarantee an inheritance for your family from the sale of the property.

Benefits of the home reversion plan offered by Norwich Union

• You receive a cash lump sum to spend on whatever you want.

• You can continue to live in your home rent-free until you die or go into long-term care.

• A home reversion plan is portable so you can still move if you want to, as long as your new home meets the conditions.

• Our ‘inheritance protection’ guarantee protects the value of your estate if you were to die or move into long-term care during the first four years of the plan.

• Our ‘house price inflation’ guarantee ensures that you benefit if there's an exceptional increase in your property's value over the life of the plan.

Things to think about

• Because the money from the home reversion plan is provided upfront and you can continue to live in your home rent-free, you'll get less than the full market value of the share of the property that you sell to Grainger plc.

• Although you remain living in your home, you have to transfer the legal title of your property to Grainger plc.

• Receiving a cash lump sum from the plan will reduce your stake in the value of your home and the amount of any inheritance you will leave.

• You don't have to pay tax on the amount you receive, but it may affect your entitlement to tax and means-tested benefits.

• A home reversion plan is a long-term commitment - it can be expensive to buy back the share of your property in the future.

This is a home reversion plan. To understand the features and risks, ask for a personalised illustration.

Your next steps

We'll guide you through all the information you need to make your decision and how to apply for a home reversion plan.

Norwich Union Equity Release Limited. Registered in England No 3286484. Registered office 2 Rougier Street York YO90 1UU. Authorised and regulated by the Financial Services Authority.

WC07047 09/2008