Shared Ownership for the over 55s
Sales and new business manager of Riverside Home Ownership, Jeanette Grady, tells Rightmove how the over 55s could be benefitting from the Government’s Older Person’s Shared Ownership scheme.
Latest research has found that 11.4 million homeowners are aged 55 or over. And yet, there are many last time buyers who are still unaware of the benefits which the Government’s Shared Ownership scheme could bring to them. The time may come when you grow out of your family home, or when it just becomes unsuitable for your needs. In other cases, divorce or the passing on of a partner force you out of your home.
For the over 55s, buying a new home using Older Person’s Shared Ownership (OPSO) not only offers great financial benefits, but also leads the way for an independent future, with many developers actually building homes which are specifically designed to aid your future living requirements.
Lower monthly costs
The scheme works in much the same way as the general Shared Ownership scheme, with a share from 25% being bought in the property, with a reduced rent being paid on the remaining share to a Housing Association. The difference here, though, is that the maximum share you are able to own is 75%, and once you own this portion you will not have to pay rent on the remaining share. This makes securing your home much easier, as the deposit and mortgage you need will be considerably cheaper. As a result, you will be able to secure a bigger or better last home than your money would normally allow.
Peace of mind for an independent future
Many developers build homes specifically designed for the elderly, which provide a safe environment equipped for the future. In particular, Riverside Home Ownership’s developments of stylish bungalows and apartments for the over 55s have included walk-in showers, and even communal areas, where residents can come together or spend time with their visiting friends and family. This means that last time buyers could really benefit in their later years, being able to stay at home with the use of on-hand support, rather than having to re-locate or live with family. In other words, you should be able to remain in your new home and maintain your freedom and independence for much longer.
Riverside Home Ownership is the specialist leasehold division of The Riverside Group Limited, one of the leading Registered Providers of Social Housing in the UK. Riverside Home Ownership part-own over 4,000 homes across the country and their property portfolio includes developments specifically designed for older people. As leasehold managers, Riverside Home Ownership also provide a host of additional services, from care lines to gardening and repairs for their shared owner leaseholders.
