Ideas/advice reqd pls......Housing going forward

[Turn7]

Bear with me on this a little as its not something I know much about.

MrsT7 and I have no kids or dependents.

This means we have nothing to leave behind other than scorched earth.

Current property is C.£250K and not the forever home.

We would both like something bigger and at best semi if not fully detached.

Is there a way we can work it so we can get into this kind of property and then leave the house to an invester (of sorts)

IE some kind of equity release type thing ?

Ideally - and dont laugh! we get an income whilst both still alive and once dead the investor owns the property.

Not sure if Ive worded this in financial type terms tho....

[Turn7]

Sarnie said:

Why would you want or need to do this?

To get into a better house without wanting to leave it for someone I don't know .

Both of us are mid to to late middle age and have no real pensions.

It would seem crazy ut move into a new mortgage and then die and leave it to the state.

[Turn7]

BoRED S2upid said:

Rent. Sell up bank / invest the equity and whittle away at it over the years.

Have considered that but it seems wasteful when you compare mortgage payments over rental costs.

[Turn7]

Wasnt planning on leaving zero, hence my post....

More like being living in a nice house cheaply as the owner will get it to sell when we are both gone.

If that makes sense ?

[Turn7]

rotarymazda said:

Turn7 said:

IE some kind of equity release type thing ?

Home Reversion is the phrase to search for e.g.

http://www.which.co.uk/money/pensions-and-retireme...

Bingo!

Exactly my thinking, thanks.....