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09 Dec 2021

Home reversion product is now available for over 55s in Tipperary

Tipperary-based qualified financial adviser joins Home Plus QFA panel

Home reversion product is now available for over 55s in Tipperary

Ian Higgins, CEO of Home Plus, at the launch of the company’s home reversion product

Home Plus has launched its home reversion product, which is available to customers in Tipperary with immediate effect in the Irish market. This distinguishes the company as the only current provider of home reversion plans in the country.

Tipperary-based qualified financial adviser (QFA) IMS Financial Services has joined Home Plus’s QFA panel.

Since the company launched its home reversion product, Connacht and Ulster have accounted for a combined 9% of incoming applications, while Munster has accounted for 24%. Dublin has accounted for 46% and the rest of Leinster has accounted for 22%.

The company’s home reversion product will provide a clear financial solution for people over the age of 55 who have some or all of the equity tied up in their home, by providing them with choices on how to spend their retirement years, while ensuring that they can remain in their own home.  

Home reversion allows a home owner to sell a share in their home, typically in a range from 20% to 70%, in exchange for a lump sum. As part of the transaction, the homeowner will retain the remaining share of their home and continue to live there for the rest of their life, or alternatively until they enter long-term care.

The lump sum, in many cases, can be used to resolve mortgage or other debt when a borrower is in arrears and is in danger of re-possession, or more generally can also give money to better enjoy their retirement years. 

Home Plus is a retail finance provider that is regulated by the Central Bank of Ireland.

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