Rented housing for retirees

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

Simples.

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.

Yes sadly I cannot touch the bond.

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

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

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

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/

Apologies for careless typos.

Thanks again. There are so many possibilities.

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.

If you are fortunate enough to find a HA one bedroom flat you will find that most of these blocks of flats have a small flat/bedroom available for visitors to stay in. LA will comb over your finances, you are allowed £10,000 in savings. You may have to look around for a cheaper flat or if you have sufficient capital purchase a small place. I bought a mobile home (Park Home), I pay a very reasonable ground rent, these are often a viable option, community is usually over 55 (can be 45) & very friendly places to live (often in semi-rural settings)

The minimum a single person in receipt of state retirement pension needs to live on after housing costs is £163 p. w.
Age UK says as a retired person you cannot have savings of over £16,000 to qualify for housing benefit. Possibly your gift to your son could be looked on as deprivation of assetts, unless he has agreed to repay you of course.

The fact that your savings are tied up in a bond does not alter the fact that they are your savings, and it was your own choice to lock them away, so all you can do is borrow against the bond now as far as I can see.
When you are truly down to £16000 though and providing your income qualifies you, help with rent should be available.
I am not sure that the one bedroom only clause applies to pensioners but you can look this up yourself.
As others have suggested the sheltered housing route, possibly via your local council , is likely to be your best bet , as councils do work together with other housing scheme providers.

The price of private rented accommodation is so appalling in this country, you have all my sympathy.

Living with either your sister or your partner gives you a couple more options and could save you a lot of money and might work for you.

If you move in with your sister, it could be ok but you might resent the situation and her. However, you spend time at your partners and presumably with your four sons. So you wouldn’t be at your sisters all the time. Could you buy something with her that gives you both a bit of independence, perhaps a house that is slightly easier to partially divide into two?

If you move in with your partner, you might do some initial decluttering but your money would stay intact. But again, it might be too much for you.

Retirement flats can be relatively inexpensive, and there are some other schemes where you pay less for the flat or house but you don’t then (I believe) get any money for your sons to inherit when you die.

Do hope it goes well, no easy choices for you, obviously do get as much information as you can and don’t do anything in haste which you might well come to regret. ?

I. Work for a Housing Association and we have a lot of sheltered housing (we now call it assisted living). There is a reasonable turnover of stock as some residents pass away and others go into care.

There are probably a number of Housing Associations in your area that have short waiting lists. Google HA's in your area and give them a ring, you may not have to go through your local council.

Council properties aren't subsidised. Housing Departments are supposed to break even - but they are non profit. Rents are lower but service charges are now quite common. We pay £80 services charges on a 1 bed flat. It may be more in some areas and it is not covered by housing benefit. You wouldn't be offered more than 1 bedroom.
I am not sure what your grounds would be. You would usually have to show that you are less able to deal with homelessness than the average person which is usually to do with health.
They also try to persuade people to find private rentals first and then, if applicable, apply for housing benefit.
I think a better idea would be to speak to Age Concern who usually have housing advisors rather than going directly to a Council or Housing Association.
The whole renting situation is very difficult and I do sympathise. I am very lucky to have a Council flat but if there are problems as we had here last year, it is hard to find alternatives.
Before you start, have a look at Locata online. You don't need to register to look at what is available in your own area. It will also give you some idea of how many people are on the list and how long they expect it to take to be offered something.
A friend of mine has just bought a house in a country town with her brother and they have a flat each in it which is ideal for them as they adore each other but it wouldn't work for me.

Move northwards just a little Smurf and you will find the Northamptonshire borders much cheaper. ?

Don't know how much capital you have of course, but have you considered buying a retirement flat

smurf many of us will have given/loaned money to adult children when there seemed no alternative. I’m sorry for your loss, your daughter in law sounds to have been very dear to you. There are options, it’s just working your way through them. It is scary when we see capital disappear but you have a home so can take the time to make the right decision. I can understand your reluctance to share and either option would have to be legally safe for you. Only you know if that would work. If you’re well enough seeking part time work could help emotionally as well as financially. Good luck with it all. It’s a stressful time but there can be a good outcome.

Oh and I live in Bedfordshire.

Thanks again all for your advice as usual. I will explore all avenues. I’ll be honest, I have £75,000 in a long term bond, £30,000 in a national savings bond and around £12,000 cash left. I checked and I don’t qualify for housing benefit or pension credit till I’m down to my last 10 grand and in a one bedroom property as someone has mentioned on here. I do however have two rent free and sharing bills options.

My sister wants to move near her family but can only afford a one bedroom property from her sale proceeds. She has suggested she pays with the sale proceeds of her property and I pay in £30,000 so we can get a 2 bedroom property with garden (she loves a garden but hasn’t had one) together. She has promised that we will have it drawn up legally so that anything I pay in will be acknowledged.

The other option is to move in with my partner (he stays with me at weekends). He owns his own house nearby, but being a widower has turned him into a hoarder of mass proportions. You can’t move in his house as nothing is ever put away. He says he needs help but currently going through depression I can’t face getting his house straight right now.

After two marriages breaking down I have got used to doing my own thing without considering someone else, so am loathe to move in with someone else be it sister or part time partner

loopylou I am not usually that generous with my sons believe me, but the bailiffs were knocking on the door which upset my terminally ill daughter in law whom I adored and who has since sadly passed away. I did it for her.

Our LA have some properties in less popular areas. My DH and I were given a 3 bed flat, which we wouldn't have been eligible for. This suits as we look after DGC at the weekend. We haven't had any problems either.

Gabriella. I agree that sheltered housing is,nt for everyone...a bit like marmite ...you either love it or hate it. This lady was asking for ideas to which I made the suggestion as having worked for many years in social housing both in general needs and sheltered. Sheltered housing is for independent living, under the "umbrella" of a manager with a "helpline pull cord for emergencies. All of the flats or bungalows in these premises are completely furnished by the tenants themselves, lots of these people young at heart with really fresh and modern ideas. The residents communal lounges are furnished by the HA and bear in mind that they have to cater for some people in their 90s while other much younger residents are still in their 60s so they provide the type of seating that caters for everyone" s needs (ie) high back wing chairs.
Having been invited with other staff to some of the social get-togethers the residents have in some of these places, I would say they certainly don,t give the impression of having one foot in the grave....far from it ...parties..holidays...shopping trips to name but a few. A genuine sense of community which is part of the original concept of sheltered housing. Many also now allow younger disabled adults to live in them as well.
The OP says if she is careful she will still be able to pay her own rent for some time. I certainly think if she pays all her own rent and management fees in sheltered she will be not be paying anything like £900 per month and her money will last longer still. Your financial situation has to be declared in any case, so all income, assetts etc will show whether or not you receive any help or not. You also pay your own council tax and utility bills just like anywhere else.

To get more information about supported hsouing and retirement housing explore the Housing Learning Information network site.

www.housinglin.org.uk/

somewhere they have a posst code finder for nearby supported housing.

I do not think it is a good idea to be paying a market rent for a 2 bedroom house in retirement. You could be paying for hotel or air b&b when your sons visit.

If it it is still possible to buy a small place as a reader suggested that my be best or go down the sheltered housing route an pay a subsidized rent. Some sheltered housing have visitors rooms that can be paid for when family come.

This may shock a few people but you can indeed apply for local authority housing in some areas even if you own your own property - especially if you are suitable for assisted living.

The savings limit for Housing benefit is approx £16,000 so if your savings are over that you wouldn’t be eligible. I think you may qualify if you’re in receipt of Pension credit but given your age now I suspect you may not get pension credit.
One of my friends rents a retirement property through Hanover - she tells me the rent is reasonable and that they have properties all over the UK so it may be worth checking with them