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Rented housing for retirees

(61 Posts)
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Smurf52 Sun 26-Aug-18 17:00:37

I am 66, alone and renting privately. My rent is nearly £900 per month. I retired 18 months ago due to bullying by management and other issues at the hospital I worked in. I planned to retire at 70 but it was not to be.

I sold my house five years ago intending to buy another nearer to two of my sons. I helped one of of them out financially and decided to rent a 2 bedroom property instead, with my rent money being fully covered by my part time job at the hospital. I also invested a third of the equity from my house in a bond for 7 years when I planned to retire which I can’t touch, because I didn’t want to fritter it all away.

Now unfortunately the rent is coming out of my remaining equity and is dwindling rapidly with only the state pension to rely on. I would pay less rent on a 1 bedroom property but I have four sons scattered around the country with one in Canada so want an extra bedroom for when they visit.

Has anyone been in the same position as me and how do I get on the waiting list for a rented retirement/social housing property where hopefully the rent will be subsidised?

I probably have enough rent money for a few years if I tighten my belt, which will still leave a gap until the bond matures when I have no rent money available. Any advice would be appreciated.

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GabriellaG Mon 27-Aug-18 22:25:00

JanaNana
Thanks for the clarity.
I was thinking of my own experience when looking for a private rental. One Estate Agent sent me a number out of the area in which I own a house and lived When I rang the number to make an appointment, they assured me they were privately rented flats but made no mention of assisted living.
On arrival (Woking) they were as I previously described. Elderly peolle in the sitting areas, aids in the flats and I had no intention of shopping trips, gentle exercise classes or coffee mornings with these ladies. It's just not my style, however, some may well be better run than others but all have to cater for the really elderly as you pointed out, whu h is perfect if you fit their profile.
Anyway, thanks for taking time to explain their role in more detail. smile

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Smurf52 Mon 27-Aug-18 22:34:38

Thanks again. There are so many possibilities.

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GabriellaG Mon 27-Aug-18 22:36:23

Apologies for careless typos.

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Jaye Mon 27-Aug-18 23:42:34

OPSO – Older People's Shared Ownership. If you are aged 55 or over, the OPSO scheme in England could help you buy any home that's for sale on a shared ownership basis (part-rent/part-buy). You could buy a share of your home (between 25% and 75% of the home's value) and pay rent on the remaining share.
have a look at www.ownyourhome.gov.uk/scheme/opso/

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Devorgilla Tue 28-Aug-18 22:09:53

You could get a one bedroom flat and buy a sofa bed for visits by sons.

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NudeJude Thu 30-Aug-18 11:05:55

I don't think anyone else has suggested it, and I'm afraid I don't know too much about bonds which you've obviously made a 7 year commitment to, but could you not speak to who ever the bond is with, and ask if there is any way in which you can get your money released earlier, or alternatively borrow against the funds you have in it? Just a thought

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M0nica Thu 30-Aug-18 15:14:35

If you cash a bond in before its maturity date, you have to pay a thumping big penalty payment. Not worth doing.

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Smurf52 Thu 30-Aug-18 15:30:19

Yes sadly I cannot touch the bond.

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Riverwalk Thu 30-Aug-18 18:25:39

Smurf there's nothing 'sadly' about your bond - you can touch it if you choose, but you would lose likely pay a penalty.

That's entirely your choice!

The idea that you can lock away your money and there's nothing you can do about it is farcical.

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OldMeg Fri 31-Aug-18 08:28:13

Best advice on here is downsize and invest in a good bed settee given by someone earlier.

Simples.

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