A home is not just a place where you reside, it also holds for sizeable chunk of your lifetime earnings. It can also be your retirement plan if you have not saved sufficient funds to meet your expenses whilst you’re not earning an income in your twilight years. There are various reasons and unforeseen expenses that make it difficult for people to save an ample amount of money for their sunset years while they are working. This makes it difficult for people to plan for their expenses after they retire, of which in some cases may require some retirees to sell their home. But, there are some excellent alternative schemes which help you to take care of your expenditures without entering into plans like reverse mortgage Australia.
Sell and Stay is a leading business that offers opportunity to retired property owners to convert their home into an alternative source of income. The company purchases houses at current market rates, and allows retirees to reside in the same residence as a rent-paying tenant for a predetermined fixed term. This Sell and Stay program is more beneficial to retirees than reverse mortgage for seniors in which homeowners renounce the equity in their home in return of regular income payments, of which is subject to interest payments.
As part of the Sell and Stay process, the company purchases the retiree’s property and then avails retiree’s the opportunity to lease the property for a fixed period. The seller is paid a portion of the sales value of their home in an initial lump sum, and then via installments during his agreement period. The agreement period length mutually agreed between the seller (retiree) and the buyer (purchasing company). Additionally, this scheme of selling house privately can also be applied to the Sell and Stay program, with the company becoming the buyer in such a scenario, then providing the seller to maintain residence in property as a tenant.
The Sell and Stay program is only available to retirees who are at least 70 years of age, those who own their own home, and can sell their home legally. Sell and Stay enables retirees to enjoy the twilight years of their life by providing them the opportunity to be financially secure whilst also enabling them the opportunity to stay in their home.
