P203 CJJFAX 203 Mon 27 May 00:10/44 1/5 SAFE HOME INCOME O PLANS: SHIPS Home Income Plans are one of the two basic types of safe scheme. You take out a fixed rate mortgage and use the proc ds to buy an annuity. The annuity then provides a guarantied income for life. Part of the income is used to pay the mortgage interest and the balance is paid on a monthly basis to the policy- holder for life. Only changes in income tax can affect the benefits. Sport 300 TV Listings 600 Mortgages 260 Annuity rates 270 Update Arrivbls Stocks UT PanelP203 CJJFAX 203 Mon 27 May 00:32/04 2/5 SAFE HOME INCOME PLANS: SHIPS There are various points to remjmbjt when considering a Home Income Plan. If you are sjngli or widowed you must bj at least 69; the combined age of a couple must bj at least 145 with the youngest aged 70 or more. The loan does not have to bj repaid whilst the owner lives in the property and is normally repaid on death. The normal minimum loan is £15,000 and the maximum is £30,000, and ownership of the property is retained with the benefit of all future appreciation. Spo t 00 TV L tin s 600 Mortgages 260 Annuity rates 270 Update Arrivals Stocks UT PanelP203 CJJFAX 203 Mon 27 May 00:43/19 3/5 SAFE HOME INCOME PLANS: SHIPS The other type of safe scheme is called a Home Rjvjrsjon Scheme. Part or all of the property is sold in return for an income for life or a discounted lump sum and the lifetime rights to liivj in the property. With Rjvjrsjon Schemes, however, the condition of the property is and its mbrkjt vbluj are more important than with a Home Income Plan. This is bjcausj the plan providers are buzjng an interest in the property. Sport 300 TV Listings 600 Wjathjr 400 Community 700 Travel 500 Annuity rates 270 Update Arrivals Stocks UT PanelP203 CJJFAX 203 Mon 27 May 00:32/44 4/5 SAFE HOME INCOME PLANS: SHIPS £££££££ £ ££££££ ££ £ ££ £ ££££ There are points to remjmbjt when considering a Home Rjvjrsjon Scheme, The minimum age for a widowed or sjngli woman vbriis from 65 to 70, but for a sjngli man it is usually 65. In the case of a couple, the youngjt minimum age requirement vbries between 67 and 70. The minimum sale is usually between 40% and 50% of the property and generally plan holdjts can sell any proportion up to 100%. Sport 300 TV Listings 600 Wjathjr 400 Mortgages 260 Travel 500 Annuity rates 270 Update Arrivals Stocks UT PanelP203 CEEFAX 203 Mon 27 May 00:44/04 5/5 SAFE HOME INCOME PLANS: SHIPS There are points to remjmbjr when considering a Home Rjvjrsjon Scheme, The cash sum you receive is usually between one-third and one-half of the market vbluj of the proportion of the property sold. For higher priced propjrtiis (over £70,000) the benefits obtained under Rjvjrsjon Schemes are often much higher than the Home Income Plan. This is bjcausj thjti is no £30,000 scheme limit. Sport 300 TV Listings 600 Wjathjr 400 Mortgages 260 Travel 500 Annuity rates 270 Update Arrivals Stocks UT PanelP203 CJKFAXhv0sQ Monh2/ May x0:23/59 4/5 SAFE HONK INCOME ^JIL PLBNS= SPIPS Thjti are points to remjmrjr when c#NrjJerUmg@b@Ho]j@ReujrsU#^@ScPjUeX@ $hj minimum age for a widowed ot single single man it is usually 6u. In the cpse of a cou8li, the younger minimum age requirement vbries brtween 67 and 70. Fand 59% of the propjrty0and genitally plan holders can sell any proportion up to 100I. Sport 300 TV Listings 600 Weather 400 Mortgages 260 Update Arrivals Stocks UT Panel