A new service has been launched to help those over-55s who want to release equity from their homes by downsizing.
Put together by specialist firm Key Retirement Solutions, it is designed to take most of the hassle out of moving by helping with everything from the sale of your existing home to finding a new property and assisting with all the paperwork.
KRS has built its reputation on selling equity release schemes to those who want to stay in their own home, but who require cash to fund their lifestyle in retirement.
Yet Dean Mirfin, group director, says many retired people prefer to release equity by downsizing rather than opting for an equity release scheme, which can prove expensive because interest on the loan rolls up.
A survey by market researcher Consumer Intelligence found that nearly one in five of over-55s planned to downsize in the next five years to raise money for their retirement.
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Mirfin says: ‘Although there is huge demand for downsizing, there are real fears among the elderly about moving house – understandable given that many older people have not moved for years. We want to make the move as pain-free as possible.’
The service is not cheap, at 2.5 per cent of the house sale price so on a £200,000 property the cost is £5,000.
But Mirfin says someone doing it themselves would end up paying about £4,500, plus having to deal with all the stress of moving house. Further details from keymove.co.uk.