Safety In Dealing With A Buy House Rent Back Option
The
beauty of a rent back scheme is that it can be created to last as
long as you want it to. If you decide that you only want to stay in
your home for a short period, then you can. This will give you the
valuable breathing space that you need to be able to find another
house that you can move to. On the other hand, if you want to stay
renting the house for the rest of your life, then you can do that
too.
Care
need to be taken not to confuse these buy
house rent back schemes with the traditional ‘Equity Release’
strategy. The main difference between them is that rent back schemes
offer a lot higher price to purchase your house but the length of
your tenancy can not be guaranteed. Most of the companies offering
the rent back scheme intend to be in business for the long term;
however, if your landlord’s personal circumstances change you might
find yourself being asked to leave the property so your landlord can
sell it if he needs to.
