Elaine had recently lost her husband and was living a long way from her children. When her husband had originally taken out the Equity Release loan, Elaine wasn’t really sure what it was all about. It was a chance conversation with her neighbour, that I learned of her plight and offered to have a chat with Elaine.
Five months later, we had arranged to port Elaine’s existing mortgage to a new property which she purchased in the same village as her youngest daughter. Whilst it was very difficult for Elaine to close the door on many memories with her husband, she is delighted to be near her daughter , Son in law and her grandchildren. She is now a great asset in the local community.
Jack was divorced and through a very acrimonious Court proceeding had come away from his marriage with very little. He was able to purchase a new home. Jack had two Sons, who he never felt he was able to treat as money was very tight. When the two Sons reached the age where they wanted to purchase their first homes, Jack wanted to be able to make the difference for them, and help them with their deposit. His mortgage had now been repaid and he had a decent amount of equity in his home, he therefore raised an Equity Release Mortgage to raise sufficient capital to provide a deposit each for his Sons. The joy Jack experienced in being able to do this for his boys was indescribable.
Ellie & Ray
Ellie and Ray had been married for over 50 years and it was their ultimate desire to live together until one of them passed away. They did not want to be separated should one need to go into a nursing home. Ellie unfortunately had contracted Parkinsons Disease and Ray had recently had a stroke. Ray’s pension was sufficient to pay the monthly bills, food and basic essentials. Ellie needed a carer on a full time basis. Their home was worth a substantial amount of money and we were able to work out a budget for their immediate care needs to ensure that they could stay together.
I arranged for them an Equity Release mortgage for the maximum amount possible, but to be drawn down on a basis of £12,000 per annum, being sufficient to top up their income to pay for Ellie’s carer. Should they require more in the future, there will be ample funds for them to draw down.
Paul & Dianne
Unfortunately the recession had hit Paul badly and his business took all their savings to survive. Now at age 68 and 65, one of their daughters had moved to America and they wanted to move nearer their other daughter who lived nearly 300 miles away. They did not have any savings to be able to visit their daughter, but did have equity in their home. Paul and Diane still had a mortgage on their property which was on interest only. We looked at the options of raising an Equity Release mortgage to raise a deposit for their new property and give them a fund to be able to visit their daughter in America. As both Paul and Diane are still working we did look at the options of an ‘interest select’ mortgage where you can pay the interest each month to ensure the debt does not grow. Paul and Diane decided that they did not wish to pursue this route as they intended to fully retire by age 70. They will soon be moving into their new home and have a trip being booked to spend next Christmas with their daughter in America.