Homeowners have various reasons to sell their homes. Many retiree homeowners who previously held costly loans have cleared these and are now looking to release their equity to enable them to fund their retirement. In fact, this is the main reason that most of the retired homeowners decide to release some money from their property. The sell or stay concept which enables retired homeowners to do this is very interesting to understand.
Equity is the current value retained within the property, not including any funds owing. Equity release schemes are mainly of two types; one commonly called a reverse mortgage and another referred to as a sale and leaseback. Some homeowners who are retired do not proceed with either of these arrangements as its reduces the inheritance of their children when they pass on, with others less concerned of the impact, seeking to live out their final years comfortably. Nonetheless, equity release schemes are very flexible and are typically tailored based on the individual circumstances of the client.
Unfortunately, reverse mortgages with their associated interest can eat into the value of your home relatively fast, leaving little to no residual value in the property. On the flipside, the sell and stay concept does not involve retirees losing out by having to pay any interest, and provides tax free income to live off.
At Sell and Stay, retired homeowners can unlock the full equity of their home but without having to pay any interest charges, commissions or fees. This works like a house sale or rent back scheme that enables retirees to stay in their home as long as mutually agreed after selling it. The aim is to let the retired persons overcome their financial insecurities and fears associated with their future accommodation needs. This is the reason the retired persons are choosing the concept during their retirement. The sell stay concept enables retirees to sell their house in a discrete manner, out of sight of nosy neighbours or friends.
The aim of Sell and Stay is very simple, to enable retired homeowners to unlock the equity in their home and gain complete access to affordable long-term accommodation. The key part of the service is to explain the process of sale and lease to our customers. Services ensure that a tailored solution is available to every requirement of every customer. It is important for a person to choose the retirement house that suits the budget and needs. At this point, a little attention and care can avoid the disappointment later.