Q: My mother was thinking of downsizing through the sale of its property (approximately £ 130K) to a retirement flat £ 130 £ 66K plus one months rent (I think this is a share of 50% are), not 977,503,977,503 She has a mortgage and I personally can not see how she could win enough this.
Fair they would release some shares but certainly this road with the £ 130 months rental payments would be eaten. She has an income at the moment, apart from a widows pension. She was 56.
There maybe even a monthly fee for maintenance of gardens etc.
I think it would be ideal for someone with a lot of equity in their property but not for my mother.
tags: downsizing, retirement
posted in mortgage by admin
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