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Rightmove - Over 60s Only

(125 Posts)
NononoLimit Fri 22-Mar-19 10:05:21

I'm prepared to get flamed here but I'm searching for a new home and I keep seeing lovely 3 bedroom properties which are over 60s only; massive gardens (some with multiple levels but all have to be mown), 3 big bedrooms and cannot help feel the amount of these over 60s only properties (there are loads the further out of London you look) could be going to families in need of housing.

I totally understand over 60s properties are necessary, especially at an affordable price due to people no longer being able to get mortgages, etc. However, I expected that on a different type of property, perhaps 1 or 2 bedrooms with smaller gardens.

My thoughts on it are everyone I know over 60 wants a manageable property and apart from family staying, the over 60s I know are all downsizing for the future. I don't get it but I'm prepared to be enlightened...? AIBU?

Mammajay Fri 22-Mar-19 10:13:04

If it is Homewise, it is equity release, so not the price listed. For non equity release, anyone can buy those properties at full market price

Trumponerous Fri 22-Mar-19 10:15:48

As above. If you widen your price bracket in your search you will see what the full price is .

Flobochin Fri 22-Mar-19 10:19:14

A lot of over 60s still have family living with them. Sons, daughters, or even their own parent(s)

Not all over 60's want to downsize. And why should they?

RandomlyChosenName Fri 22-Mar-19 10:20:06

I hate Homewise. I don't think they should be allowed to advertise in Rightmove. Equity release scheme not an estate agent and equity release is extremely dodgy and you should need an IFA before considering it.

SaveKevin Fri 22-Mar-19 10:21:30

Yes we are in a homewise area, it does my head in. They seem to have every bloody property

Lungelady Fri 22-Mar-19 10:21:44

I am 60. I recently bought a 4 bed house...Why would I live in a smaller house?

AlexaAmbidextra Fri 22-Mar-19 10:26:31

I am over 60. I don’t want to be squashed into a ‘just big enough’ property thanks very much. Neither am I thinking of downsizing. Over 60 doesn’t mean you’re frail or infirm.

Laska2Meryls Fri 22-Mar-19 10:26:36

Yes its equity release (sort of lease/rent/ shared ownership deal) not cheaper homes for over 60s at the expense of younger ones.. you can still buy these homes but at the market cost ..

Also its a pretty bad idea if anyone wants to pass on anything or is likely to run out of cash as one gets older,because the house will always have a mortgage and be partly owned by the mortgage holder ( the equity company) which has the first say .. (and who can evict for non payment/AND doesn't have to pay back the owners share..)

Its ok if you are looking for a quick way of getting money out because you know you may not have many years to go (or dont care) .. but a bugger if you may need to sell your home or finance care..

AntiHop Fri 22-Mar-19 10:31:15

Yes if you look at more expensive properties, you'll see them listed at the full price.

H0wt0kn0w Fri 22-Mar-19 10:36:41

When my parents were 60 (and 62) they had me, my younger sibs and and my two primary school DC living with them, 4 bed house luckily but at 60 we were all bursting out of the four walls tbh! We all have a lot more space now.

H0wt0kn0w Fri 22-Mar-19 10:38:32

@alexaAmidextra, I know what you mean, I might finally be able for a bit of luxury that isn't messed up INSTANTLY by the time I'm in my early sixties and I will deserve that! I've been cooped up and knee deep in clutter in a shabby shack for the last ten years (and v grateful for the roof over our heads btw) but when I can afford a bit more decadence I will go for it.

totallywired Fri 22-Mar-19 10:38:49

If you click on 'don't show' then 'retirement properties' you won't be shown them. As pp say they are available for anyone to buy at full price.

Laska2Meryls Fri 22-Mar-19 10:39:07

What it actually is not a cheaper house advertised , but an equity release company advertising their financial product, in the same way a finance company does on cars etc.

So it not the real price of the house but the price of a proportion of the house (supposedly for life of the buyer) , but you have a lease/rent mortgage and if you dont or cant pay then its like any other mortgage except that they are the main owners and have the first charge on the property. (and if it fails they are under no obligation to pay back the occupant - although the better ones will come to an agreement ) .

The wheels often can come off these sort of agreements if the occupier cant pay or needs to go into care

JinglingHellsBells Fri 22-Mar-19 10:42:45

I don't understand- never ever seen that on RM- maybe it's unique to certain areas? Do you mean the vendors only want to sell to people over 60 or is it a shared ownership? The only over 60s places I've seen are flats that are retirement homes.

I am 100% in disagreement with you!

I am over 60, we have 4 beds , but a small kitchen and utility room, and a medium garden.

I want to upsize when we retire. I'd like both DCs to be able to stay if they want to, and if they have children we'd need more space.

I don't see why you feel the need to 'write off' us older people as needing less space! We have families who we want to be able to accommodate and I want a lovely big family kitchen.

Don't put us out to grass yet- my parents are alive in their 90s!!!

twofingerstoEverything Fri 22-Mar-19 10:45:59

They are priced lower for the over 60s, because they're basically selling a lifetime lease, ie. buyers will not outrightly own the property and will not be able to bequeath them. I wouldn't feel too envious if I were you. They're a way of ripping off older people.
There are some shockers in the small print: eg, if the owners need full time care in a home, their ownership ends.

Grace212 Fri 22-Mar-19 10:47:03

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

JaneEyre07 Fri 22-Mar-19 10:49:15

I've had a go at my mum recently for looking at some of these. I can't even begin to imagine how all of it is legal, it seems like extortion to me.

CheesyWeez Fri 22-Mar-19 10:50:07

I recently enquired about some new builds in our area. The EA said they are for over-55s only. He explained that as such the developer was allowed to build them WITHOUT having to provide a percentage of them at affordable prices for local people.
This seems wrong to me as we need affordable housing!
The new builds had no discernable reason to be for older people (no on-site care facilities, or easy access, handrails, raised flower beds, or special financing)

TarragonSauce Fri 22-Mar-19 10:50:35

Yes, you are not buying the property, just the right to live in it till you die, and it will not form part of your estate.
If you look further in in the listings you will find the same property with a (much much higher) 'proper' price.

pootyisabadcat Fri 22-Mar-19 10:50:53

Duh! They're home equity releases. It's buying property not renting, it's not a charity. Families are free to buy what they like if they can afford it. We don't plan on downsizing. Why should we? This is our home.

BigFatGiant Fri 22-Mar-19 10:51:46

O don’t quite understand what you are getting at. Are your suggesting they should be sold on the open market? Or are you suggesting that the companies that own them should be forced to sell to younger families? Or do you just think older people who live in larger properties are selfish?

Daisymay2 Fri 22-Mar-19 10:53:39

We had our kids very late 30s early 40s. Our 4 bed house is still fully utilised thank you, and we can manage our garden.

pootyisabadcat Fri 22-Mar-19 10:53:43

*The EA said they are for over-55s only. He explained that as such the developer was allowed to build them WITHOUT having to provide a percentage of them at affordable prices for local people.
This seems wrong to me as we need affordable housing!
The new builds had no discernable reason to be for older people (no on-site care facilities, or easy access, handrails, raised flower beds, or special financing)*

We need housing for over 55s, too. Why not? Not everything has to be 'family' oriented. Maybe over 55s are sick of listening to peoples' brats screeching in the street all Summer. We're not decrepit and need bloody handrails and on-site care facilities! Don't blame EAs at all, they're there to maximise their profits, not provide charity.

Grace212 Fri 22-Mar-19 10:54:14

BigFatGiant "Or do you just think older people who live in larger properties are selfish?"

yes, OP said she thinks the homes for over 60s should be smaller.

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