There is practically no aspect of life that the COVID-19 pandemic has not affected. That includes the economic situation of people who are near retirement. The widespread and complicated fallout for senior citizens had prompted one in eight of them to rethink their retirement plans.

The chief executive officer of Hampstead-based RoyaleLife decided to do something about it. Robert Bull put forward a plan he believes will benefit many with their post-work life scenarios. Mr. Bull developed what he calls the “Home Exchange Program.” It’s a simple concept but with the potential to solve tough economic problems for millions of seniors.

Under the plan, clients simply opt to purchase a bungalow via the services of RoyaleLife. They do so in exchange for the current market value of their present home. Because a bungalow will be cheaper than the home, the remainder of the cash can be used by the seller for retirement living.

For example, Robert Bull explains that a couple owns a home with a market value of £450,000. They buy a bungalow for £300,000. That leaves £150,000 in liquid equity. Little of that money will need to be spent on upgrades or other accouterments for the bungalow because these units are furnished with luxury amenities.

The advantages go beyond a cash windfall. Bungalow living offers many advantages over maintaining a home. The latter requires ongoing maintenance, hiring expensive technicians, garden work and more. A RoyaleLife bungalow is a downsized living space that’s much easier and less costly to live in day-to-day. It’s a leap forward in the quality of life.

Robert Bull said he takes deep satisfaction in creating opportunities for senior citizens to make their lives better after a lifetime of work. It was his own grandfather who inspired him to enter the real estate sector.

He told Robert Bull: “Buy land. No one is making it anymore.”

Robert Bull’s: Twitter.