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Over 60s Home for Life

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Isla71 Wed 28-Jan-26 16:36:03

I am posting on two forums as I am unsure which one would be best. Thank you for your patience, and apologies for repetition. I am unsure if I am posting on the right forum, so will try two...I am about to purchase a property in Newark. I noticed Homewise6 advertising a property. Apparently, they purchase a property and sell it back to an over 60 at a lower rate, meaning it would also give me cash in the bank. I would live in property for rest of life or until moving into care home. Depending on what percentage I purchase, I can either leave a small legacy or none at all. As I have no-one to leave anything to, it makes an attractive offer. Does anyone know if this is a good scheme?

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icanhandthemback Mon 09-Feb-26 09:57:00

Isla71

Another thought on Lifetime Lease. You would probably have to relinquish being "owner" of property when filling out specific questionnaires and no longer be classed as a good risk.

I'm not sure about that. It's worth checking. We just finished paying our mortgage (£17 per month) and my credit rating has fallen!

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Allsorts Wed 25-Feb-26 05:01:43

If not regulated by FSA would not consider it.

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B9exchange Wed 25-Feb-26 21:53:51

Our lifetime mortgage leaves us as owners of the property, we just have to put the name of the lender on the house insurance certificate. We can sell the property and either repay the mortgage from the equity released, or move it to a new property as long as the lender is happy the value of the new house will still repay the loan. What is so crucial is to take independent financial advice.

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