Is it possible to raise capital to improve my property?

[oldfossil]

I have lived here in the South of France for 12 years and have finally been able to purchase a villa mortgage free. Good news you might think, however this property needs renovating to appreciate it's obvious potential and having spent all my money buying it I cannot afford to do it up. Can anybody suggest a way forward bearing in mind that I only have a small pension that I live on therefore not sufficient for a bank loan.  I have heard mention of 'reverse mortgages' and this seems an ideal solution but I cannot get anymore information on them. Credit Foncier do something similar but as I am only 62 do not qualify. Anyone out there with any ideas?

[makeiteasy]

Dear Oldfossil,

 

if you have purchase your house within the last year you could "refinance"it, which means that you could get a mortgage to purchase it after the completion.If it's older, than you can apply for or a renovation loan if you just need to do works or an equity release which allow you to raise a certain amount and finance what you want with it(ie works, holiday, car,...).Hope it helps[;-)]

[oldfossil]

Thanks Celine for taking the trouble to respond to my email.

A loan is not poss. because of my age and income.  Can you enlighten me concerning an equity release please?

Kind regards Peter

[marieloona]

I don't know if you're still looking but I know a lender that will finance people until they are 80 (the loan has to finish before you are 80) so you may be able to use that. You can take a loan out secured on the property you have in France.

[oldfossil]

Many thanks for taking the trouble to email, however, unfortunately my income is not sufficient to take out an actual loan. Therefore a reverse mortgage would have been ideal as there are no repayments until the term has ended.

thanks again for your kind comments Peter

[AnOther]

Google for    pret viager   it may suit your circumstances.