selling my house

[forgetmenota]

my husband and i are both retired and own are own hose, we would like to realise some capital from maybe selling half the house or all of it and stay living in it till our death without paying rent is it possiable

[WendyS]

It is possible to do this. Such schemes are called Equity Release Schemes but be very careful before going ahead because there are all sorts of restrictions in the small print. Get a good Independent Financial Advisor to talk you through the pros and cons and also do your own research by reading through Financial Magazines who often do articles on this.

[newquizzer]

This is called Equity Release and is provided by many banks and insurance companies.

There are two types so you need proper advice on how to proceed. It all depends on your age. For example if you are both over 65 or 70 they will buy your property for perhaps half of its current value, sometimes less. The interest on the purchase price rolls up and the full values outstanding is recovered when the property is sold. You maintain it in the meantime.

If you have dependants then they get very little.

Make sure you get proper professional advice if you decide to proceed. The Thisismoney website has a section on Equity release in the retirement section.

[WendyS]

Me again. If you go to the Age Concern website

ageconcern.org.uk

you will find they have a series of very useful Fact Sheets on various topics. Select Fact Sheet 12 (Raising Income/capital from your home). On the right hand side of the screen there is a box on which you click to download the fact sheet and you can then print it off.