A recent client of mine, a 69 year old widowed lady, lived in a £105,000 3 bedroomed semi-detached house with an interest only mortgage of £10,000. She was aware that this had to be paid sooner rather than later. She also felt her existing property was too big for her needs, and that she would eventually need a downstairs toilet or a stair lift.
She had seen a lovely 2 bedroomed Bungalow for £115,000 and thought this was out of her reach as her mortgage provider had stated her existing mortgage was not portable. After having two separate Independent Financial Advisers to see her, both stated there was nothing they could do due to her age and income, this really disappointed her. However, after receiving a letter from The Right Equity Release inviting her to a local Equity Release Seminar in her area this sparked her curiosity. Unfortunately as the date approached she began to realise she would be unable to attend this due to an unforeseen Hospital appointment but requested an appointment in the comfort of her own home. I went along to see her and we discussed her dreams and aspirations, which brought the Bungalow into the conversation. I went on to explain she could move into her Bungalow with the advent of an Equity Release Lifetime Mortgage.
On continuing the fact-finding process I discovered she had existing medical conditions, meaning she could dramatically increase the amount of funds available due to her health.
This meant on moving property after paying her outstanding £10,000 Interest only Mortgage she was left with £95,000. We then released £30,000 via Equity Release from her new property, which consisted of £20,000 to cover the balance to enable her to move in and £10,000 to cover all the moving costs including her stamp duty, but with a further £18,070 to drawdown at a later date as and when she wished to do so, to possibly improve her new property, new bathroom, kitchen etc.
This just goes to show that by utilising an Equity Release Lifetime Drawdown Scheme it really does help people to unlock their dreams.