Award winning Equity Release Specialists Bower recently made a dream come true for a retired widower who wanted to get the most out of his retirement by buying a barge and creating a savings fund to pay for holidays and leisure.
From his £365,000 property, the homeowner released £65,000 — tax free – and spent £50,000 on his barge leaving the rest for his leisure and travel.
Bower’s specialist equity release adviser took the customer through their award winning advice process and once all the alternatives had been explored, selected a partial Home Reversion Plan from a Safe Home Income Plans (SHIP) registered provider.
Mr South, of Westerham in Kent, now has enough cash available to spend on his holidays and favourite hobbies and of course the enjoyment of his barge. He said, ‘Bower couldn’t have been more helpful; they took time to explain everything in detail. I have already recommended them to my friends and will continue to do so.’
When you take out a Home Reversion Plan you basically sell a part of your home and get a lump sum or monthly income in return. This type of equity release plan is well suited if you don’t wish to leave the whole house as an inheritance, so in the case of this customer who was a widower with no children, it was a good choice.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email customer.services@bowerhomefinance.co.uk or call 0800 4118668.
