oldfossil Posted November 1, 2007 Share Posted November 1, 2007 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? Link to comment Share on other sites More sharing options...
makeiteasy Posted November 7, 2007 Share Posted November 7, 2007 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[;-)] Link to comment Share on other sites More sharing options...
oldfossil Posted November 14, 2007 Author Share Posted November 14, 2007 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 Link to comment Share on other sites More sharing options...
marieloona Posted November 22, 2007 Share Posted November 22, 2007 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. Link to comment Share on other sites More sharing options...
oldfossil Posted December 4, 2007 Author Share Posted December 4, 2007 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 Link to comment Share on other sites More sharing options...
AnOther Posted December 4, 2007 Share Posted December 4, 2007 Google for pret viager it may suit your circumstances. Link to comment Share on other sites More sharing options...
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