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I'm retired, low income and want to move. I own my home outright.

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  • sheramber
    sheramber Posts: 22,576 Forumite
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    ml4548 said:
    Is there a way I could raise some funds to buy a more expensive place? I need a bungalow now.
    A lifetime mortgage?
    As long as you don’t want to leave your house as a inheritance 
  • GDB2222
    GDB2222 Posts: 26,261 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 27 June 2024 at 10:05PM
    In short, any arrangement that provides a significantly more expensive home during your lifetime can only do so by reducing the inheritance available to your family really drastically. 

    Could your family help at all?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • Danien
    Danien Posts: 247 Forumite
    Eighth Anniversary 100 Posts Combo Breaker
    edited 28 June 2024 at 9:26AM
    ml4548 said:
    Unfortunately yes, and I need to stay near my family. I have a very low income, no chance of borrowing on that.
    Some family (over 55), applied to rent downstairs flat in a housing association supported housing scheme and due to disability were accepted. They then sold their house and had the capital to support them in their retirement.
  • luvchocolate
    luvchocolate Posts: 3,389 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    I think this is good way. 
    I live in housing association over 55s...no worries about repairs etc..secure tenancy...I did have to wait 2 years but I wanted to specific scheme 
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