If you are considering taking out an equity release but would like some examples of how it can be used, here are a number of case studies where an equity release plan has helped people resolve an issue or make positive changes to their life.

Being able to retire

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A lady who was 63 and who had been living in her property for 32 years (25 of which were shared with her husband, who sadly passed away 7 year ago) was still working due to the fact that she had little in the way of savings and her pension was limited. She believed her only solution was to downsize her home, which she didn’t want to do due to the memories she had of her home.

She was informed of equity release plans and she believed that this would provide her with the funds she needed to be able to retire and retain in her home. After arranging a free consultation, where she attended with her son, she was able to release some of her equity, allowing her to retire in comfort and maintain her property.

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Where an equity release plan was not the solution

A retired couple had ensured that they had sufficient funds for their retirement through careful and sensible investments, savings and pension. They had noted that some of their friends had benefitted from releasing equity on their property and they arranged an appointment to review their own financial situation. Upon examining their savings and assets, we believed that this would be the best option to replace their vehicle and provide a sustained quality of life. We helped the couple to maintain the inheritance they plan to leave to their family as well as saving them a considerable amount of interest on their property.

Making home improvements

A Single and retired gentleman of 78 years old had long enjoyed maintaining his property but due to his age and a number of medical issues, he had been unable to do so of late. Over time, his home started to look a little run down and this was harming his mood. His income meant he could afford to pay his bills but there wasn’t much left after this, certainly not enough to pay for a professional to carry out repairs at his home.

With no children to leave inheritance to, he decided to obtain an equity release which enabled him to decorate his home and improve the value and condition of his property.

Looking to book a holiday

A retired couple had dreamed of a Mediterranean cruise but found that their plans to save money were always thwarted by issues that arose. Realising that they weren’t getting any younger, and with no guarantees on their health, they decided to arrange a consultation to determine an equity release would be of benefit. Within months, they were booked onto the cruise ship and they enjoyed a trip of a lifetime.

Helping a loved one get on to the property ladder

A couple in their early 60s who had a son and one grandson, where keen to help their grandson get on the property ladder. He had recently graduated from University and was working in full time employment in a role related to his studies. However, he also found out that his girlfriend had fallen pregnant. He was keen to stay in the same area, as it was close to his job and his family, but the price of property in the area was off-putting. He was not keen on renting as he believed this was money that was being wasted but wasn’t keen on moving to a more affordable area.

His grandparents, who owned their property, decided to help him out with respect to a sizable deposit, and they came to us seeking an equity release. We reviewed their options and they received enough funding to enable their grandson to buy a property that was less than five minutes’ walk from their home. The grandparents reasoned that they would have been leaving their grandson money in their will, so it was better to bring benefit to him now when he really needed it.

Paying for home help

An elderly lady who had suffered a run of sustained poor health was in need of regular home help. The cost of this treatment had depleted her savings and she was now faced with a situation where she was looking to have to go into a care home.

After hearing about the benefits offered by an equity release, she arranged a meeting with us, which she attended along with her children and we were able to arrange an equity release on her property, which she inherited from her parents. This equity release was enough to ensure that the lady would receive sufficient funding to pay for home help for many years to come.

Paying off a mortgage

A couple who had released equity from their property, via an interest only release, a decade ago were informed that there was a requirement for their mortgage to be redeemed. The couple had no savings and they were hopeful that they would be able to transfer the remaining balance into a new plan. Of course, the financial landscape has changed significantly in the past decade and the bank informed the couple that they would not be able to take this action.

The couple came to us concerned about losing their home and we were able to provide them with a provider that offered them to redeem the mortgage they have, ensuring they could stay in their home for the rest of their life.

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