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active 17 years, 8 months ago
People often fail to save an adequate amount of amount money for their sunset years which make them to opt for schemes like Reverse Mortgage. Reverse Mortgage is contradictory to conventional home loan; it allows people to receive a regular stream income during their retirement years, against the mortgage of their home. The borrower resides in his or her property till the end of his life and he receives a periodic payment from a financial institution or bank to manage his expenses. Although, many elderly people opt for Reverse Mortgage to gain a support during retirement but it has several disadvantages such as high upfront fees, accumulating interest. Along with this, it is quite daunting to get proper reverse mortgage information as there are several complications involved in it.
There are some reputable companies in Australia such as Sell and Stay which brings an excellent alternative of reverse mortgage. Sell and Stay is a family operated company which offers opportunity to unlock the equity in their home to the people who are in their twilight years. The company offers sell a house and rent back scheme which permits you to reside in your home for an elected time period.
A registered real estate valuer determines the sale and rental value of your home in Sell and Stay process and based upon these valuations, the property is bought. The seller is provided ongoing payments for the predetermined agreement period. This enables elderly people to leave with peace in their twilight years and enjoy that period in the company of their family and friends without any financial hindrances.
The eligibility criteria that one must fulfill to avail this beneficial scheme of the company are:
1. He or she must be a retiree
2. He must be 70 years of age
3. He must the owner of home and must be able to sell it legally.
There are several benefits of selling house and renting it back such as it enable you to stay in your own home for the agreement period which can be 10 years or more. Along with this, you can financially assist your loved ones, go for holidays and spend sunset years of your life comfortably with your loved ones. Sell and Stay offers you good value of the home which is kept for sale by owner.
For more information, please log on to Sellandstay.com.au.