Home equity conversion scheme lump sum
Lump sum payments from a home equity conversion scheme don’t need to be declared as income. But if you get Accommodation Supplement, Temporary Additional Support or Special Benefit you do need to tell us about it.
What is this?
A one-off payment (also known as a reverse mortgage) that lets you borrow against your home to pay for major expenses, eg:
- a new car
- house repairs or maintenance
- a holiday
- a medical operation.
How it affects your benefit and allowances
You have to tell us about this payment if you:
- get Accommodation Supplement, Temporary Additional Support or Special Benefit
- invest the money you get and earn interest, this will be counted as income
- don't use the payment for major expenses, but everyday goods and services
- get regular home equity conversion payments.
If you need more information or want to discuss this in more detail contact us