There have been a number of products on the market aimed at retirees such as what have been called Reverse Mortgages.   The problem with these products has been that either they require the borrower  to make monthly repayments in the normal way, or if they allow monthly payments to be deferred until after the death of the borrowers the interest builds up over time so that the amount owed becomes too much.

A product which we have had some contact with is called Homesafe which offers retirees the ability to obtain funds without having to make any payments during their lifetime, and the maximum amount repayable is capped by a percentage of the value of your home at the time that the money is first borrowed.

Homesafe has a number of unique features which mean that, like all things, anyone entering into such an agreement needs to obtain independent Advice so that they are fully aware of all of the terms and conditions.   We do not endorse or recommend this product however we have had a number of clients in the past now who have used this product and for some people it seems to be a satisfactory arrangement.