Following the launch of Find & Afford - a unique property scheme from retirement finance and property specialist Homewise, people aged 65 and over are now able to move to a home of their choice at a fraction of the cost without having to contend with much of the stress involved in moving. They can also potentially release a significant amount of money through the sale of their current home that is tax-free, and, unlike traditional lifetime mortgage equity release schemes, it does not accrue interest, which in some cases can be high.
Homewise has been piloting Find & Afford and has already achieved strong sales and positive feedback. Following this, it is now being made available throughout the whole of the UK.
Find & Afford enables pensioners to move into a home for life at a substantial discount of typically between 24% and 53% (of a property's asking price). The pilot test has revealed that the average discount is around 40%. By offering such discounts, the scheme also means that customers often don't have to use all of the capital raised from selling their existing home, and can use it to improve their day-to-day standard of living, increase their retirement income, or set cash aside for long term care.
Mark Neal, managing director of Homewise, says: "Find & Afford enables retired people to live in the property of their choice, which they might not normally be able to afford. At the same time they can release significant capital from the sale of their current home. Find & Afford is a viable alternative to lifetime mortgage equity release schemes."
Homewise was established by the Neal family with many years' experience in helping people afford better homes.
Homewise is all about helping people find - and afford - their dream retirement property.
Long term care insurance: News update: April 2007