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A new web-based company has been launched by local businessmen to offer elderly Islanders the chance to sell their homes but keep the right to live in them until they die – releasing capital but giving them security about having a home to live in.
Finance professional Trevor Gray and web developer Oliver Baudains worked together to create a website bringing together older people considering selling a “reversionary interest” in their house and investors interested in acquiring local property in this way.
The website matches up sellers and buyers to reach a deal whereby the house is sold for a reduced price taking into account theoretical life expectancy and the seller or sellers remain living in it until they die or move into permanent care.
Mr Gray said: “I have worked in the finance industry for nearly 40 years and throughout that time have been approached on a number of occasions by older friends and clients looking to sell their property in this way in order to free up capital and enjoy their money in retirement.
“It was almost impossible to find potential buyers as most people like to keep this sort of thing confidential and advertising was often out of the question.
“With the advent of the internet, social media and so on I hit upon the idea of creating a website that would introduce potential buyers and sellers to each other as discreetly and confidentially as possible. People considering selling their property in this way can use the site to get a rough idea of what they may receive based on their approximate life expectancy. If this is of interest they can register basic details of the property for possible sale.”
Oliver Baudains of Level Media Ltd built the online platform that the site is based on. He said: “When Trevor approached me to set up this business it was based on a concept I had not heard of before. However I quickly saw the benefit of using digital technology to bring buyers and sellers together in a simple and confidential way.”
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