Retirement brings a lot into focus. For one recently retired couple, one of those things was the equity sitting in their home. With no children to leave it to and a good idea of what they wanted the next ten years to look like, the question wasn’t really whether to release some of it. It was how.
“The idea was, we’re both retired now, we’ve got a bit of extra in the house, got no children, so we thought we might spend a bit of the money tied up in the house.”
They had years of good health and activity ahead of them. They wanted to make the most of it.
“The plan is to make the most of the next sort of 10 years and enjoy ourselves.”
Finding the right path forward
They found Bower Home Finance through a simple online search, got in touch with the team, and from there things moved forward at their own pace. Their adviser Brett visited them at home, went through everything in detail and made sure every question was answered before they made any decisions.
For a decision of this size, that face-to-face conversation made all the difference. Equity release is a long-term commitment and getting the right advice at the start sets the tone for everything that follows. This couple wanted a real person to come and sit with them, and that’s exactly what they got.
“Brett came up, met us at the house, went through everything and answered our questions. It was brilliant, absolutely great.”
Putting it to use
First on the list was a new car. The client knows what he likes behind the wheel.
“I already had an old Porsche 911, so what I’m buying now is an everyday car. I’m getting an Audi RS, because I’m quite into my cars anyway, so I thought why not spend some money on a car.”
Holidays are next, with plans already taking shape across the coming years. The couple are set to take in the sights the world has to offer. The thinking behind all of it is refreshingly simple.
“You can’t take it with you, so you might as well use it while you can.”
Looking back
The client was honest about the fact that equity release isn’t the right choice for everyone. But for people in the right situation, his view on it is clear.
“It’s not for everybody, but when you get to 65 or 70 and you’ve got equity in your house, then it’s a perfectly legitimate way of releasing some of that equity.”
“I think it’s a very good way of releasing equity from your house, which when you reach a certain age is what you should be looking to do.”
And on his own experience of the process, he doesn’t need much time to think about it.
“It really is a no-brainer to me. It is brilliant.”
“Brett was fantastic and so I would recommend Bower and Brett.”
Important to know
Bower Home Finance provides independent, impartial whole of market equity release advice with an award-winning customer service experience. Initial advice is provided at no cost to you and without obligation. Only if you choose to proceed and your plan completes, would a typical advice and administration fee of £1,695 be payable.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest to be repaid upon death, or moving into long-term care. Equity release will reduce the value of your estate and your entitlement to means-tested benefits now or in the future, and impact long-term care funding. If you are considering equity release, we strongly recommend that you read our Equity Release page carefully and talk to one of our specialists before deciding if you wish to proceed.
To find out more about any of the products and the service we provide, please call us on freephone 0808 175 1514, request a call back, email us, or use our live chat on our website.
Please be aware that equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. All features and risks are thoroughly explained in your free personalised illustration.
