What is sell & rent back?

Basically, companies which purchase homes for less than market value, typically around 70% of market value (sometimes even less than that) and then rent the property back to you. The company will often offer to pay all the associated costs involved i.e. solicitors fees. After they have completed the sale, you will be able to continue living in the property for a fixed period as a tenant.
This period can be renewed, but this can vary a great deal, depending upon the company you are dealing with. If you do intend to continue to live there for life, then this must be clarified from the outset. You will generally find that the rent is lower than your old mortgage payment, but again this simply depends on the outstanding debt/mortgage you had outstanding.

The seller of the property firstly has to pay back the mortgage, to the mortgage company and any other secured debts against the property. Once the secured debts have been cleared, the remainder of any equity released is yours, to do with as you wish i.e. holiday, a gift to children, new car, etc, etc it is your money, you do what you want with it.
It can be an advantage to a lot of people, to have the cash in your bank whilst still being able to remain in your home and not having to worry about the general economy. Remember all companies vary, some of them offer you the chance to be able to buy the property back at market value. There are also companies that will offer you a 5% deposit to be able to do this. 

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