Home Reversion Mortgages

What is a Home Reversion Mortgage?
With a home reversion mortgage the home owner sells part or all of his property to the lender in return for a capital sum. The borrower effectively becomes a life tenant and pays no interest to the lender during his lifetime. On his death, the property is sold with the lender retaining the entire proceeds, or the agreed portion. With joint properties the property is not sold until the second death.