Life Interest Plans offer the opportunity to purchase the right to occupy a retirement property for life, or for both of your lifetimes, in the case of couples. This can reduce substantially the capital needed to move to a retirement home, and has great atraction for some older people. There are, of course, advantages and disadvantages that can only be weighed up by the individual prospective putchaser, as much will depend on their personal circumstances and outlook on the future.A few companies offer Life Interest Plans. The purchase price is well below the normal market price and once you leave the property it reverts back to the company. Life Interest Plans are available to people over 65 (if there are 2 of you, ownership of the property carries on to the surviving partner). Life Interest Plans are available for both new and refurbished properties. We suggest you seek professional legal and financial advice before signing any contract.
back to full glossary
Use our interactive online tool HOOP to help you decide.
More accommodation directories
Copyright © 2013 Elderly Accommodation Counsel, 3rd Floor, 89 Albert Embankment, London, SE1 7TP. Registered charity number 292552. Company number 1955490.
Web Development by AccuWeb
FREE advice line: 020 7820 1343