Over 60S Lifetime Lease Reduction In Price

[johnny37]

i am searching for property on Rightmove due to an unwanted and undeserved divorce. I notice many are offered with the above spec. What is this? Is it that people of an esteemed age pay a reduced price linked to how old they are . Money is available. Obviously due to the 50/50 split in the divorce there is not enough of it! Does any money awarded have to be repaid in full on death or is it written off?

[Buenchico]

From a company promoting such products:
https://www.homewise.co.uk/blog/what-is-a-lifetime-lease/

Pros and cons neatly summarised by The Telegraph:
https://www.telegraph.co.uk/finance/personalfinance/borrowing/2901770/A-new-lease-of-life.html

Some discussion on Money Saving Expert:
https://forums.moneysavingexpert.com/showthread.php?t=4323509

[Zacs-Master]

The asking price tends to be inflated and once the owners die the house reverts back to the company providing the finance.

[pansypotter]

I did a while back look into Homewise, I personally thought it was throwing money away as the property goes back to the company when you die. You just as well rent a property or if you have money, that would be a good deposit to put down and get a mortgage for the rest and buy a property.