Case Studies

#1 - Able To Retire

Mrs A was 63 and had lived in her property for the last 32 years, the first 27 years of which were with her husband who had sadly passed away 5 years ago. Due to insufficient pension provision and little in the way of savings she was still having to work at the local supermarket and was desperate to retire. She saw no other option but to downsize from her existing property that she loved and was full of memories, to a property of lower value. By chance her friend told her about equity release, so with some hope that she might be able to stay in her home she decided to look to release some of the equity from her property in order to supplement what pension income she did have. With her son present at the meeting with an equity release adviser, she released some of the equity from her property by means of a Lifetime Mortgage and this meant that she could afford to retire without having to sell her beloved home or cut back on her standard of living.

#2 - Grandson's House Deposit

Mr & Mrs E were both in their early 60's and had one daughter and one grandson. Their grandson had recently finished his education and had started full time employment as an accountant but was desperate to buy his own home with his girlfriend that had just become pregnant. He wanted to stay in the same area as his parents and grandparents, but due to the cost of houses in the area, couldn't foresee being able to save the deposit he needed for a property for many years to come. Mr & Mrs E, who owned their property outright, were able to release sufficient equity from their own property to be able to give their grandson enough money for a deposit on a property in the next street. They said that 'He might as well have it now when he needs it rather than having to wait until we have both died before he gets anything'.

#3 - Home Improvements

Mr C, a single and very house proud man was 78 years of age. All of his life he had maintained his property himself, but due to medical conditions, this was becoming more and more difficult to do. Over recent years his home had become a little neglected and this was really getting him down as he loved to have his home looking nice. With an income that was just sufficient to pay the monthly bills and provide a modest standard of living, he couldn't afford to get any help with maintaining his property, but with no children to leave it to, he released enough equity so that he could have his whole home re-decorated and brought back to the standard that he had kept it at himself before his health had deteriorated.