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Home income plan |
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Home income planA plan enabling the normally elderly owner or owners of a property to utilise its capital value to their advantage (by providing an income) and still remain in residence.Typically a building society or insurance company provides a loan of up to 80% of the property value and this loan is used to purchase an annuity or joint life annuity (see annuity) in the case of say joint owners. The annuity payments are used to pay interest on the loan and provided 90% of the loan is invested in this way tax relief can be claimed. (The remaining 10% of the loan can usually be taken in cash with no restrictions). Thus after making interest payments net of tax relief there will be a surplus available to the owner or owners.Safe Home Income Plans (SHIP) is a self-regulatory body that was formed in 1991 to promote fairer schemes after thousands of elderly homeowners were left nursing large losses in the late Eighties. SHIP can be contacted on 01242 539494.Similar MatchesProperty income taxationProperty income taxationSee: 'income from property'. Invisible incomeInvisible incomeForeign income from sources other than the movement of goods. It includes a country's earnings from tourism, banking, shipping, insurance and investment. Income investment companyIncome investment companyA management company focused on managing a mutual fund whose primary purpose is income generation, typically investing in bonds and high dividend yielding stocks. Net income per share of common stockNet income per share of common stockSee: Earnings per share Unearned incomeUnearned incomeIncome received from sources such as dividends from shares and bonds - income which has not been earned by working. Further SuggestionsIncome statement (statement of operations)Fixed income market Income elasticity Employee Retirement Income Security Act Income inelastic earned income Personal income Underwriting income Growth and income fund National income Discretionary income family income benefit (family income assurance) personal income index linked family income assurance Net investment income per share Joint income Real national income fixed income securities Fixed income securities income limit for age related allowances Adjusted Gross Income Disposable income Current income disposable income income fund |
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