sell then rent

pauliney_2

Hi next year I will be 60 would like to sell home then rent as I will not have a pension as such husband will still work he is 58 but would like to enjoy a easy life where would be the best place for pro and con of renting and a good f/advisor the house is all we have not worth a great deal we will have to use the proceeds carefully and hope it will last us

lynzpower

one thing to bear in mind as you are heading towards retirement is how a lump sum of equity in your bank could reduce what benefits you are entitled to, maybe p[ension credit. I dont know if this is part of your planning but may be worth bearing in mind.

F_T_Buyer

The problem is you will get less state hand outs if you sell, as you will have lots of cash in the bank. But then again, you may have a lot of savings anyway without selling.

pauliney_2

hi not so no savings will only be able to live on what ever basic pension we will get when my husband is 65 as you know is not a lot realy the house is our pension

clutton_2

if you sell you will not be entitled to housing benefit as you will have savings in the bank and you will then have to pay your own rent. I would think VERY carefully about selling up - but it depends on what your house is worth as to how many years of "easy living" you can buy.

sarkin

Instead of selling have you considerd equity release

EdInvestor

Suggest you go to the CAB for a full review of benefits and options available before selling.

Have you considered trading down to a cheaper home to release some cash to tide you over until hubby stops work? When you are both 60, if not working you would be eligible for pension credit (114 per week for a single), then pension from 65, plus 60% for spouse and topped up if appropriate to pension credit level.

You are too young for equity release now, but from late 60s could get as much as half the value of the home to drawdown as extra income.

Selling now to rent doesn't look sensible.

pauliney_2

thank you all for your view's on subject will look into more closely before jumping out of frying pan and into fire

sarkin

equity release starts from age 55

noyk

equity release is not a good idea. Search on google for further examples- http://news.bbc.co.uk/1/hi/business/4583310.stm

Downsizing would be preferable if you can.

Rick62

I cant believe anyone is seriously recommending equity release in this case. The idea of anyone in their late 50's using equity release to fund an 'easy' life is financial suicide.

The OP needs to take Edinvestors advice and see the CAB. They are in danger of making some irrevocable mistakes with potentially devastating results.