A court order can be a terrifying thing, especially after the ordeal of going through a divorce. Here, at Equity Brokers, we realise that not everything in life is straightforward, and there are times in which you need a helping hand financially. In this case study you can see how one of our customers was stuck after a divorce and in need of equity release in order to pay his ex-wife a court ordered amount of cash that he just didn’t have to hand.
Mr M was now 66 and had gone through a difficult divorce proceeding with his ex-wife. A Court Order was then issued demanding that an extra £165,000 was to be paid to his ex-wife or he would have to sell his property. Mr M was living on an income of £8,500 per year and was not in a position to afford a traditional mortgage. No traditional lender would touch his application due to his age and his current income.
Via equity release Mr M found a suitable answer. He could borrow the full amount of £165,000 to be paid to his ex-wife, without having to leave the property or sell it. On top of that he won’t even need to make any regular payments. This approach means he can avoid the costs of selling a property, as well as the cost of buying a new home. He can instead, stay in the property he calls home.
If you would like to find out more about our Essex-based equity release service, please feel free to contact us today on 01277 620083 or info@Equityreleasebrokers.com.