What is a Home for Life Plan?
Exclusively for ages 60 and over, a Home for Life Plan provides a simple way for you to secure your next home for thousands less than the market price, through the purchase of a Lifetime Lease.
This saving means that you could move to a better property in a preferred location, create savings for your retirement, pay off a previous mortgage or debts, and gift a guaranteed inheritance for loved ones if you wish.
With a Home for Life Plan, you are fully protected to live in your chosen home, free from ongoing financial burdens, and have peace of mind knowing that you are secure in your home for your lifetime.
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So, how does it work?
✔ You find your ideal home, this can be located anywhere in England or Wales, and Homewise will pay the agreed selling price to buy the property
✔ You pay a one-off amount to Homewise to purchase a Home for Life Plan, the cost of which is significantly less than the market price, to live in your chosen property without any rent or mortgage payments
✔ The amount you pay is calculated based on your personal circumstances and property choice
✔ With a Home for Life Plan you also have the choice to safeguard up to 50% of the property’s future value which can provide a guaranteed inheritance for your estate
✔ A core legal document of the Home for Life Plan is a “Lifetime Lease” - this provides you with the legal right to live in your chosen property, rent-free and mortgage-free, for your lifetime and is registered at the Land Registry, with you named as the Lifetime Lease Owner
✔ When you pass away or move permanently into long-term care your Home for Life Plan will end, and the property will be sold; any safeguarded percentage of the sales proceeds will be paid to your estate, less your share of the selling costs
✔ The Home for Life Plan is not a financial service like a mortgage or loan, so there are no interest repayments at any time; there is no borrowing involved and therefore there is nothing to pay back
✔ As with any house move, your legal work will be conducted by an independent solicitor of your choice; they will be required to sign a solicitor’s certificate confirming that they have fully explained the Home for Life Plan to you, and you are happy to proceed with the purchase
✔ The Home for Life Plan is portable and can move with you to a new home in the future, should you wish to move again
*Savings against the property value range from 8.5% to 59% for freehold properties (that is with 0% safeguarded) and depend on the customer’s age, personal circumstances, and property criteria. Only available to those aged sixty years old and over.
