After using your hard earned money to pay mortgage for years, you could go on long expensive holidays by selling the property up – this is true for those who reach retirement.
However, you would still have to pay rent as soon as you get back but not if you are as smart as this man.
A pensioner decided to put his house up on the market for £350,000 but with £200,000 discount! Potential buyers only have to pay £150,000 for the house.
But there’s a catch – whoever purchases the property has to let him live there for free.
64-year-old Peter Yielding put his beautiful three-bed semi on the market for £350,000. The online listing described the house with standard details – it has a driveway, garage, and would be a great thing for investors.
The description went on: “The current vendor would like to remain at the property rent free as a long term tenant.”
It seems that his condition didn’t put people off. In fact, Mr. Yielding confirmed that he already had two ‘firm offers’ from potential buyers who would be completely fine with the setup.
Mr. Yielding said about his home: “I just need the money if I’m honest with you. I’ll live [here] as a tenant.”
It might seem weird to most people but this practice is more common than you’d think, and it is called home reversion.
In this practice, you put a part or your whole house on the market for a cheap price, usually up to 60 percent less than its market value, for a cash lump sum. This is a great option for those who want to go on three-month cruises.
The buyer lets the seller stay until he moves into care or passes away. The older the pensioner is when he/she sell, the higher the percentage he gets back.
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