They are both different types of equity release plan.
Home reversion plans were the forerunners of today’s lifetime mortgages and are now very seldom used. With home reversion plans, you sell a % of your home to a lender, you no longer own your home, but you are given a lifetime tenancy. Upon your death or move into long term care, your home is sold, and your beneficiaries receive the % of the proceeds you initially agreed. The lender keeps the rest. Read more here .
With a lifetime mortgage, you are borrowing a % of the value of your home at an interest rate that is fixed for life. You still retain 100% ownership of your home and have many options to make repayments if you want to. The loan is repaid when you die or move into long term care, usually through the sale of your home. The final amount owed to paid to the lender and the balance is passed to your beneficiaries.