Not sure if this is the right location for this question but mods pls relocate if necessary.
Am asking this for a relative. I understand that it is possible to sell a house to a financial institution in exchange for a slightly reduced amount, the bank provides the money and allows you to live there for the rest of your life and then takes possession once you are gone.
Firstly is this correct?
If it is....
How much do you have to pay for the 'service'?
Are there particular banks/building societies who specialise in this?
This relative owns what was a corporation/council dwelling in inner city Dublin (walking distance to O'Connell Street) so I'd estimate that the house is worth 400k plus (Its been very well kept and in great condition). She seems to think that the bank would not do this for a former corporation dwelling.
Am asking this for a relative. I understand that it is possible to sell a house to a financial institution in exchange for a slightly reduced amount, the bank provides the money and allows you to live there for the rest of your life and then takes possession once you are gone.
Firstly is this correct?
If it is....
How much do you have to pay for the 'service'?
Are there particular banks/building societies who specialise in this?
This relative owns what was a corporation/council dwelling in inner city Dublin (walking distance to O'Connell Street) so I'd estimate that the house is worth 400k plus (Its been very well kept and in great condition). She seems to think that the bank would not do this for a former corporation dwelling.