2006-10-26 07:31:54 · 23 answers · asked by corky 1 in Business & Finance ➔ Renting & Real Estate
Bad idea. At 65 you probably have at least another 20 years to live so a financial adviser should look at your overall situation and give you thorough advice.
It depends on your income, value of house, other assets etc as to what the advice would be but remember that rents go up - what rent would you have paid 20 years ago compared to today? Compare that with what you may pay in the future as rents increase.
Also make sure you have wills written even with no family otherwise the value will go to the crown (unless a remote relative is found ie a forgotten cousin)
2006-10-26 10:15:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes it sounds like a good idea, as long as you have enough money to pay the rent for the forseeable future...
I do not been to offend you in any way... but you probably would not be given a remortgage due to the maturity of your age, the mortgage services would feel you were a risk and would not want to have that on their books.
So make sure you CAN rent your property back before selling.. or you might want to find a cheaper property to rent first.... save you even more money, and then have fun with the rest of the money. Good luck and have fun!
2006-10-26 07:37:31 · answer #2 · answered by Anonymous · 0⤊ 1⤋
why not speak to a financial advisor on this matter if you live in the uk im almost certain you can raise the capital but still live in your home then when you both move on if you get my drift the property reverts to the lending company but you can make some decent cash and when you both leave this mortal plane the house can be sold for the money and profit to be recouped and any money left over would go to any family you have left or if you have no family at all then im sure you can get more ready cash as the house will be the lenders completely when you both die but please speak to an independant advisor so that you know exactly what to do but as i say good luck and enjoy your twilight years i know that by doing it that way you can both live in the property for the rest of your lives but still have the cash to enjoy yourselves take care .. m,,,,
2006-10-26 07:51:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Selling the house is the good idea, renting it back isn't. You've worked hard all your lives to buy a property why not let this investment do a bit of work for you? By the time we leave this earth we only scratch the surface, sell the house, hit the road and grow older disgracefully!!!!!
2006-10-26 07:45:52 · answer #4 · answered by forge close folks 3 · 0⤊ 0⤋
If you can afford to drop about 25% of the actual value. Then afford the rent.
I looked into this last month. The figures were buy for 25% below market value and rent it back on the price of average rent in my area which was £700 per month!
Best to sell and move to a wee bungalow down the coast, or just sell on the open market and rent a nice place.
2006-10-26 07:34:52 · answer #5 · answered by puffy 6 · 0⤊ 1⤋
Why? Do you need the cash?
I would go with the reverse mortgage if you have equity. If you sell the house, make sure you have a very long lease. YOu don't want to get kicked out when your buyer changes their mind.
This site has some good info on reverse mortgages....There is also a comparison between selling and getting the reverse mortgage. Check it out.
2006-10-26 07:39:02 · answer #6 · answered by bride2be091507 2 · 0⤊ 1⤋
A reverse mortgage would be a much better idea. That way you still get to keep your home, but you do not have to pay rent or payments on the loan. My aunt just did a reverse mortgage and it has been a life saver for her. Check it out first.
2006-10-26 07:38:58 · answer #7 · answered by GAgirl 4 · 0⤊ 1⤋
I take it you are england ,go see your local building society,they may have schemes that cover this situation,wher you transfer the house to them,they give you a cash lump sum,upto a certain % of the house value,and you then stay in the house until the death of both parties,worth enquiring about ,
2006-10-26 07:50:59 · answer #8 · answered by wozza.lad 5 · 0⤊ 0⤋
You need to evaluate a few things:
Like why?
List all the Pros,(you get money) and all the Cons. (money loses purchasing power)(as a tenant you can face higher rent fees and be evicted) (You lose on realizing on future appreciation of property's value) To start you off.
If you need cash - get a smaller property.
OR: better than everything - increase your income and stay put. It seems like you like it where you are. That would be good 'cause it costs a fair bit to move....not to mention the hassle. :o)
If I can help with perspectives, please don't hesitate to drop me an email.
Good Fortune to You Both!
2006-10-26 07:42:13 · answer #9 · answered by Smilin' Fred 4 · 0⤊ 1⤋
I do not think that it is a good idea but I do not know the whole situation. Do you own your house outright? Do you have high debt? If you own your house and have high debt perhaps but why would you want a rent payment
2006-10-26 07:35:37 · answer #10 · answered by freemansfox 4 · 0⤊ 1⤋