If you are over 70, you (and your partner) may be able to continue to live in your home, rent free for the rest of your life after having extracted a portion of the capital value. How much you obtain for your property will depend on your (and your partner's) age, the property's value, location and condition. If you decide that you are able to pay some rent, you may be offered substantially more for your property than the rent free alternative and other traditional equity release products.
For those under 70 ( minimum age 45 years), you may simply be able to agree a rent (up to, but not exceeding the current market rent). The amount of rent that you are willing to pay, together with condition, market value and location of your property will determine the cash sum that you may receive for your home.
From 6th April 2007 the provision and sale of home reversion schemes come under the regulation of the Financial Services Authority - for more information visit www.fsa.gov.uk.
