RETIREMENT - Lifetime lease option

FIFI1815

I am planning to move from Norfolk to Hetrfordshire to be nearer my family now that I have retired. There is however a large difference between property prices in these areas and at my age wont be able to get a mortgage. I have heard about companies who will fund up to half the cost of a new property (and apparently there is no rent to pay) enabling you to live there for the rest of your life. However, there is obviously more to it than this, none of these companies are charities! Does anyone have any experience of this at all? One company I have heard of is Homewise, although I assume there are probably many others. Any help or advice would be greatly appreciated.

Cannon_Fodder

Have you googled?

http://boards.fool.co.uk/urgent-advice-needed-please-10602270.aspx?sort=whole

http://www.mirror.co.uk/advice/archive/homes/2007/08/17/should-you-jump-off-the-property-ladder-98487-19653183/

Personally, I would be less than impressed with a company that has to resort to asking a journalist to cobble together an article for advertising purposes...although lots do it. Despite the blatant advertisement nature of the Mirror piece, it does contain one important sentence;

"Remember to check whether the company you are dealing with is an approved member of the Safe Home Income Plan Association (www.ship-ltd.org), the equity release industry body."

- and Homewise don't show up on SHIP's list of members...!!


Have a look at Age UK - it should be independant and decent advice; http://www.ageuk.org.uk/home-and-care/housing-choices/
http://www.ageuk.org.uk/home-and-care/housing-choices/thinking-about-your-options/
http://www.ageuk.org.uk/money-matters/income-and-tax/equity-release/?paging=false
http://www.ageuk.org.uk/buy/equity-release/


(Although I am equally sceptical about first time posters who just happen to have the scenario depicted on a company's website - "Moving somewhere more suitable"...!)