There has been a shift in the over 65s moving home in recent years.
One of the motivating factors is where grandparents want to move closer to their family to assist in supporting their kids while they work by becoming childcare for their grandchildren. In return, in later life, they are close to their family for a support network. Makes total sense.
One of the main challenges historically has been where they wish to move into South East London from Kent as an example. Realistically, you could be selling a house in Kent and only just affording a smaller apartment in South East London.
It is essential to make the best choices to ensure the likely final move can cater to senior living;
Has the apartment got a lift? Does it have outside space? Are there excellent local amenities within walking distance?
Then there could be a funding issue too. We are dealing with a buyer selling a house near Maidstone but needs a mortgage to buy in Beckenham. Being over 70, there are not many lenders who can offer a long term mortgage, so what is the best solution?
Thankfully, there are now excellent solutions as our mortgage advisers are independent experts in Retirement Interest Only and Equity Release mortgages. Both options can ensure long term living in an area the customer wants to be and at a very affordable cost.
Equity Release mortgages are now far cheaper than they used to be and more flexible and will give a long term guarantee that there will never be negative equity. This is assuming the adviser expertly guides to an Equity Release Council approved lender – as our independent mortgage advisers do!
For more details on equity release or retirement, products to facilitate the over 60/65 moving home, then visit Conran Mortgages at www.conranfinancial.co.uk/equity-release/. There is an excellent newsletter showcasing some case studies along with an informative brochure too.