P203 CEEFAX 203 Mon 27 May 01:33/44 1/5 SAFE HOME INCOME 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 proceeds to buy an annuity. The annuity then provides a guaranteed 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 Arrivals Stocks UT PanelP203 CEEFAX 203 Mon 27 May 01:37/24 2/5 SAFE HOME INCOME PLANS: SHIPS There are various points to remjmbjt when considering a Home Income Plan. If you are single 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 ownjt 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. Sport 300 TV Listings 600 Mortgages 260 Annuity rates 270 Update Arrivals Stocks UT PanelP203 CEEFAX 203 Mon 27 May 01:12/44 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 Rjvjrsion Schemes, however, the condition of the property is and its market value are more important than with a Home Income Plan. This is bjcausj the plan providers are buying an interest in the property. Sport 300 TV Listings 600 Wjathjr 400 Community 700 Travel 500 Annuity rates 270 Update Arrivals Stocks UT PanelP203 CEEFAX 203 Mon 27 May 01:30/04 4/5 SAFE HOME INCOME PLANS: SHIPS There are points to remjmbjr when considering a Home Rjvjrsion Scheme, The minimum age for a widowed or single woman varies from 65 to 70, but for a sjngli man it is usually 65. In the case of a couple, the youngjt minimum age requirement varies between 67 and 7p. The minimum sale is usually between 40% and 50% of the property and generally plan holders 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 01:38/24 5/5 SAFE HOME INCOME PLANS: SHIPS There are points to remjmbjt when considering a Home Rjvjrsion Scheme, The cash sum you receive is usually between one-third and one-half of the market value of the proportion of the property sold. For higher priced properties (ovjt £70,000) the benefits obtained undjt Rjvjrsion Schemes are often much higher than the Home Income Plan. This is bjcausj there is no £30,000 scheme limit. Sport 300 TV Listings 600 Wjathjt 400 Mortgages 260 Travel 500 Annuity rates 270 Update Arrivals Stocks UT Panel