As we grow older it is a scary prospect to lose our faculties and have to rely on other people to care for our everyday needs. The more we can do to take control of our own situation and to help our family and loved ones, the better we feel as we grow older. Below is a real-life case study of a couple we have helped find relief with equity release.
Mr and Mrs W were living in a property worth £825,000. Both have a good income and a savings account to match. Recently though, their life has changed. Mr W is suffering from dementia and broke a hip after a recent fall. On top of that, Mrs W suffers with rheumatism and is not as mobile as she used to be.
Due to the fall, Mr W has to move into a care home for around five weeks as his wife could not physically look after him. This cost £8,700. There is a real need now to convert the property to help them live the best life possible despite the physical problems they face on a daily basis.
We helped them find a solution where an equity release mortgage provided them with £22,000 to convert the downstairs of their home, with an additional £440,000 to be drawn down as needed in instalments, as and when care home costs or private health care are required with Mr W’s dementia.
If you want to plan for your future care, or that of a loved one, and think that our equity release service could be of use to you, please contact us today on 01277 620083 or email firstname.lastname@example.org.