The research* from Economic Lifestyle showed 63 per cent expect to move home at least one more time.Looking at the relocation distances travelled by retired homeowners who have moved since April 2003 **, Economic Lifestyle estimates that just over a million retired homeowners who expect to move will travel over 100 miles to their new properties.
Economic Lifestyle says that it has seen a trend for retired homeowners to move longer distances often in order to be closer to their children, many of whom are now living miles away because of their work commitments.In the light of this, Economic Lifestyle has extended its ‘Find and Afford Plan’ to cover the whole of England and Wales.This scheme enables retired people to find their ideal property anywhere in England or Wales which Economic Lifestyle will purchaseand sell back to them under the terms of a lifetime lease at a greatly reduced cost. The property reverts back to the company on the passing away of the occupant/s. It is possible to release a substantial amount of equity in the process and leave money to your estate***.
In terms of how far retired homeowners expecting to move are likely to travel, just over a third (35.4 per cent) will travel under 10 miles. However, 25 per cent are expected to travel more than 100 miles, with nearly 3 per cent travelling over 300 miles.
Mark Neal, managing director of Economic Lifestyle, said: “Many retired people are looking to live closer to their children, who in many cases are living further away, because of their jobs. In light of this, we now have a large portfolio of properties suitable for retirement living available across the whole of England and Wales. We are happy to help retired people find the right property for them and welcome any enquiries.”
In terms of which properties retired homeowners thinking of moving would look to have as their next home, secure retirement flats are the most popular – the choice of 49 per cent of those who think they will move.This is followed by bungalows and a house by the seaside.
Economic Lifestyle offers homeowners aged 65 and over a number of options for releasing some of the equity in their homes. They can also arrange for people to live in a property, which normally they would not be able to afford. These options include:
1. Life Interest Plan
The Life Interest Plan allows people over the age of 65 to buy a home designed for retirement living at a fraction of its true value by selling their existing property then using part of the equity to buy a Life Interest in an Economic Lifestyle property. The retirement property then becomes their legal home for the rest of their and their partner’s life allowing them to make the most of their retirement years with the remaining equity.
2. Find & Afford Plan
The Find and Afford Plan enables people to find a property that they want and Economic Lifestyle will buy it and lease it to them at a cost that is greatly below its market price. The property reverts back to the company on the passing away of the customer/s. It is also possible to opt for a part find and afford which allows them to release capital but also leave part of the property value to their estate.
3. Cash Release Plan
The Cash Release Plan is a reversion equity release scheme. Perfect for those aged 65 and over who wish to remain living in their current home and release capital at the same time. The property is valued by a qualified surveyor, and after formal acceptance, the tax-free funds are transferred within 10-12 weeks, including a full refund of the valuation fee. There are no restrictions on how the money should be spent.
4. Home Exchange Plan
For people taking out the Life Interest Plan or using the Find and Afford Plan, Economic Lifestyle can arrange a cash sale of their current home. This enables the retired homeowner to eliminate chains, stress, unwanted visitors and estate agents fees. Two free independent valuations are arranged from which the average is taken and an offer of approximately 90 per cent is made.
