There are a number of products on the market offering to lend money to people over 60 years of age. We have particular experience in handling the legal paperwork involved with what is known as Homesafe. This is not a loan nor is it a reverse mortgage. It involves you receiving an upfront cash payment in return for Homesafe receiving a fixed share of the sale proceeds of your home when it is sold in the future. You do not have to make any payments in the meantime and the house doesn’t have to be sold until both you and your spouse/partner (if any) have died.
The paperwork is very different to a normal loan and we are able to explain everything to you. We know how to get everything finalized with a minimum of time and fuss. For example, if your property is owned by one partner/spouse, it may need to be transferred into joint ownership. We can of course attend to this and can help you claim an exemption from Stamp Duty in regard to that Transfer. Your Estate is allowed 6 months to pay Homesafe so the debt could be paid out by liquidating other assets or by the beneficiaries paying out the debt.
If you need assistance with a Homesafe contract, or you are considering dealing with Homesafe and want some advice, make an appointment to see Bruce Coode. Your first interview is a no obligation/no charge interview.