So how do home reversion plans compare with other ways of funding your long-term care, such as downsizing, insurance policies and investment products?
Typically, home reversion schemes don’t offer the best value for money, particularly as you never receive the full market value for your property.
For this reason, equity-release schemes tend to be regarded as a last resort for homeowners.
Talk to family members before making any decision. It might be that they can help you or come up with alternatives.
Consider what grants or subsidised loans might be available if you’re raising capital to improve or modify your home.
Downsizing is a more cost-effective option that can free up the money you need and allow you to maintain your financial independence and perhaps allow you to live in a property more suited to your needs.
But it can be both time-consuming and stressful to downsize, and you’ll have to move from your current home.