Equity Release
EQUITY RELEASE CREATES FREEDOM IN LATER YEARS
Releasing equity from your home may sound like a good idea but may also appear to present some risks in the present turbulent property market, but one couple from Nottinghamshire has gone ahead and done just that.
Mr and Mrs McCormick, from Sutton-in-Ashfield, have sold their home of 25 years to release equity which will enable them to have more freedom in their later years to move wherever they like and live a more convenient and comfortable lifestyle.
Although the couple did not have any urgent need to sell their house quickly due to debts or worries over repossession, they did not want to sell privately through an estate agent, where they would have little or no control over prospective buyers, and so they decided to contact a number of ‘sell and rent back’ companies.
Many unscrupulous sell and rent back companies have been offering equity release schemes for the elderly and, in some cases, have bought their homes for 25-30% below the market value to rent the property back, leaving them in a very vulnerable position.
Mrs McCormick (80) and her husband (79) were turned away by a number of these shark companies because they wanted to hang onto as much equity in their home as possible. They eventually approached The Property Buyers, a well respected national sell and rent back company.
The Property Buyers bought the McCormicks’ home for less than its market value and then rented it back to them at a low rate. Having sought advice on this method of cash release, the couple are happy with the decision they made, and are looking forward to moving to their next property without any of the usual added complications attached with selling your home, such as legal fees, estate agency fees etc.
Mrs McCormick says, “We didn’t have any family to leave our property to and so we felt this was the best way for us to sell our home. We found The Property Buyers very helpful and honest during the sale process. Now the world’s our oyster and we can move as soon as we find our next home! We’re even thinking of looking for a home in Scotland or Ireland.”
Baggy Tiwana, managing director, The Property Buyers, says, “Mr and Mrs McCormick’s situation is fairly unique and we don’t advise that this way of selling a property quickly necessarily suits everyone. It’s important to take sound professional advice from a reputable company like ours before committing yourself to anything. If you do decide to sell your house quickly, The Property Buyers is a cash rich investor that can complete a sale within 10 days, with no estate agency fees, no legal fees and no broken chains, which operates using a strict professional code of conduct, allowing you to relocate or emigrate without waiting for your house to sell first. We believe this reduces risk and helps customers complete their desired project quickly and safely.”
(Wednesday, July 16, 2008)