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Home Reversion Firm
Home Reversion Firm means a person carrying on a business of entering into home reversion agreements. Home Reversion agreement means an agreement between a vendor and a home reversion firm that provides:
(a) for the conveyance by the vendor to the home reversion firm of an estate or interest in land (which includes the principal residence of the vendor or of the vendor's dependants) for a discounted sum or an income (or both), and
(b) for the vendor to retain the right to live in the residence until the occurrence of one or more events specified in the agreement.