This review of the terms will benefit the majority of people taking out the Home Reversion Plan and could mean up to £2,000 more compared against old rates.
Examples:
A 75 year old male selling all of his £200,000 property would now receive £105,798 against £104,320 before the review.
A couple both aged 65 selling 81.7% of their £100,000 property would now receive £26,806 against £25,000 before the review.
Nigel Spencer, Head of Marketing for Norwich Union Personal Finance, said, “Following on from the successful launch of the Norwich Union Home Reversion Plan in April this review of terms means the competitive position of our offering is very strong. We now offer higher cash payments than the leading competitors in the majority of cases. On price we are particularly strong above age 70 and for joint cases. Our in-built guarantees also provide customers with a high level of protection and benefit.”
The Norwich Union Home Reversion Plan incorporates two extra guarantees as standard, the Inheritance Protection Guarantee and the House Price Inflation Guarantee.
