Empowering the aging population of NI

The most recent NISRA statistics show that Northern Ireland’s population is becoming older, and we need to adapt accordingly. One of the best ways to empower our aging population is to support independence for as long as possible – and our homes play a crucial factor.

Moving to a new house that better meets our needs can bring back a crucial sense of security and comfort. However, not everyone will have the equity they need to buy a more suitable home and getting a new mortgage to cover the difference might not be an option.

Here at Co-Ownership, together with the support of the Department for Communities, we have designed a product to address this weakness in the market and ensure the aging population are empowered to lead independent lives. Co-Own for Over 55s supports people to use the equity from the sale of their current home or savings to purchase a share of a new property and Co-Ownership will cover the remaining share.

The product has been purposefully designed in response to Northern Ireland’s changing age structure. It’s very common for people to feel that their home no longer suits their lifestyle or needs. For instance, a two-story property may pose problems for a person who has developed mobility issues, or a large home may have become too difficult or expensive to maintain for a person on their own.

We will continue to work with age sector organisations to share awareness of Co-Own for Over 55s to try and give as many people as possible the opportunity to purchase a property that helps them to live well and live longer in a home of their choosing near their family or an accessible community, which in turn can also take some of the pressure off our health and social services whilst also giving them control over their decisions.

Click here for more information on Co-Own for Over 55s.