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List of Questions

General

1. What are home reversions?

2. What are the eligibility criteria?

3. Why aren’t you paying me full market value for my house?

4. How long will it take to complete?

Charges, Fees and Tax

5. Do I have to pay any fees to More To Life?

6. Will I have to pay tax on the money raised?

Is my property still my own?

7. Am I safe in my home?

8. Can I make changes to my property?

9. Can I end the plan early and buy back my property?

10. What if a relative or carer wants to live with me?

Inspections and Maintenance

11. Who is responsible for the maintenance and the bills of the house?

12. What happens when you inspect my property?

Moving Out, Moving On

13. Can I move house?

14. What happens if I have to move permanently into long term care?

15. What happens when I die?

16. What happens in the event of early demise or leaving the property?

Who do I need to talk to?

17. Can I choose my own lawyer?

18. Should I consult my family before proceeding?


1. What are home reversions?

A home reversion is a retirement solution, helping to make your retirement years more financially comfortable. It allows you to release a lump sum of cash from your house, whilst allowing you to continue to reside in it for the rest of your life. Your house will no longer form part of your inheritance. For more information, view our What are Home Reversions page.


2. What are the eligibility criteria?

To be eligible to list your property and enter into a plan, you must be:

  • Age 65 or above (if you have a spouse, both of you must be above 65)
  • Own a landed house that you live in in the Klang Valley
  • Want to continue on in your home/neighbourhood for the rest of your life.

3. Why aren’t you paying me full market value for my house?

As you are granted a lease for life, which enables you to live in the property rent free for as long as you wish, you do not receive the full market value. The lifetime lease has a considerable value if you were to consider what you would pay to rent a similar property for the rest of your life.

You can read more about the amount to be freed and download our Calculator here.


4. How long will it take to complete?

There is no guarantee of when you can access the cash, given that the transaction process will only begin when an investor has found and agreed to purchase your home, and there can be no telling how long this will take

After negotiations with the buyer, the legal agreements will have to be prepared and executed. This process may be faster if you engage a lawyer from our Panel.


 

5. Do I have to pay any fees to More To Life?

No, this is a free service to elderly homeowners. You will, however, have to pay your estate agent the agreed fee. Any fees MTL earns is from the buyer of the property. You will, however, be responsible for your own legal fees and RPGT if applicable. We have negotiated a good discount with our Panel lawyer.


6. Will I have to pay tax on the money raised?

You will have to pay Real Property Gains Tax (RPGT) if applicable.


7. Am I safe in my home?

Yes. When you enter into a home reversion plan arranged by More To Life you are granted a lifetime lease. This means as long as you abide by the terms and conditions of the plan you have the right to live in your home rent free for the rest of your life (or until you move into permanent long term care).


8. Can I make changes to my property?

Yes, you can make minor changes to the property. However if you wish to make major or structural alterations to your property you must first check with us and to get our written authorization before starting any works.


9. Can I end the plan early and buy back my property?

It is possible for you to buy back your property at its full market value at that time, subject to the agreement of the owner and a valuation of the property.


10. What if a relative or carer wants to live with me?

We would allow a relative or carer to move into the property. You should notify us before they move into your property and they will be required to sign a Waiver to confirm that they will vacate the property within 1 month of your death or moving into care.


11. Who is responsible for the maintenance and the bills of the house?

When you sell your home under a home reversion plan, the amount you release is dependent upon a number of factors such as your age(s), gender, single or joint application and the value of your property. Another factor is that you continue to be responsible for the maintenance of your property and all associated costs in running your home.

Hence you will continue to be responsible for all of the bills – quit rent, assessment, insurance, services and charges etc., and you must continue to maintain the property in a liveable standard at your own expense.

The maintenance of the structure is the responsibility of the owner, and in the event of a fire or other damage, they will have to restore it to its original condition.


12. What happens when you inspect my property?

Every year, we will get you to sign a Certificate of Occupation to indicate that you are still in residence in the property.

Additionally, the owner has the right to engage us to inspect your property to ensure that you are maintaining it as set out in your terms & conditions (essentially that your property is kept at a good standard). Once a convenient date and time is agreed, a Property Manager will carry out the inspection.


13. Can I move house?

Our home reversions are not portable, meaning to say that if you move homes, you will not be entitled to receive any cash back for the tenancy you are forfeiting.


14. What happens if I have to move permanently into long term care?

If the choice is made for you to move into permanent care we will need written confirmation from you or your personal representative. If you are the sole occupant, arrangements will need to be made to clear your property and return the keys to us.

If you entered into the plan with a spouse or partner, and only one of you needs to move into long term care, the other plan holder can remain in the home for the rest of their lifetime or until they need to move into long term care too.


15. What happens when I die?

If you entered into the plan with a spouse or partner, upon the death of the first plan holder, we ask that you inform us and send us the original death certificate, so that we may update our records. We will return the original death certificate to you.

Upon death of the last surviving plan holder, the executors of your Estate need to notify us and provide us with details of the lawyer dealing with your Estate. We would then write to them requesting that the property is cleared and the keys forwarded to us.


16. What happens in the event of early demise or leaving the property?

When a property investor purchases your home, they are taking a risk on the duration of your occupation. In some cases, the home occupier lives for many years, and in other cases, they die or vacate the property early. Hence you (or your beneficiaries) will not receive any additional cash in the event of early demise or leaving the property.


17. Can I choose my own lawyer?

Yes you can and you should choose your own lawyer to represent you when taking out a home reversion plan with More To Life. If you do not know which lawyer to choose, you may select our Panel lawyer.


18. Should I consult my family before proceeding?

We recommend that you discuss your plans with your family before entering into the plan.