Our clients, a retired couple, were looking forward to enjoying their golden years by fulfilling lifelong dreams and enhancing their lifestyle. To make this possible, they decided to tap into the equity of their home through a lifetime mortgage.
Objective:
The couple aimed to draw equity from their property to improve their quality of life and pursue items on their bucket list, such as travel and leisure activities.
Obstacle:
A friend who had helped them purchase the property held a charge on the home, which complicated their ability to secure a lifetime mortgage. Most lenders required this charge to be cleared, which would have significantly increased the loan amount and incurred additional interest costs.
Outcome:
We successfully negotiated with a lender to rearrange the priority of the charges, allowing the lifetime mortgage to take precedence while keeping the gifted equity interest-free. The clients received an upfront lump sum and a reserve fund for future use, enabling them to enjoy their retirement without financial strain.
Summary:
By utilising a lifetime mortgage, our clients were able to access the funds needed to enhance their retirement without compromising their financial stability, allowing them to live out their dreams comfortably.