Property and the elderly
We can help you with:
- Equity release schemes
- Home reversion schemes
- Retirement homes
Equity release and home reversion schemes provide possible solutions for the elderly who want to remain living in their home, but who are struggling to survive financially on a limited income. The schemes can provide you with a lump sum or regular income, and sometimes a combination of both.
Equity release schemes involve giving a mortgage over your property, while home reversion schemes involve giving all or part of your property away and taking a tenancy in return.
If you are thinking about entering into such a scheme, you must give very careful consideration to it before doing so. These schemes involve relinquishing a large part of your control over a property to a third party and can result in a substantial, if not complete, depletion of your estate.
At Morrisons we have experience in dealing with the most popular schemes that are available, and can advise you fully of the implications of entering in to these types of schemes.
We also have considerable experience in dealing with retirement properties and schemes. Retirement schemes often involve financial penalties when the property is sold, usually the payment of a specified percentage of the sale price to a landlord. We will advise you fully in relation to these penalties, and any other factors that ought to be drawn to your attention, such as age and occupancy restrictions, when we act for you on the purchase.