Claudia is 73 years old, she does not have a private pension but does own her own property which is mortgage free. Claudia would like some additional money to maintain her standard of living during her retirement years. Claudia’s property is a detached house in Lancaster worth £230,000, she has lived there for 35 years and raised her children there before separating with her Husband, she has a lot of emotional ties to the home and is very reluctant to move and downsize.
Claudia has been unable to remortgage her property with a traditional residential mortgage lender, this is because of her age and her lack of income. Claudia was signposted to Equity Release instead and she now has a Lifetime Mortgage allowing her to release a lump sum from her home without the need to make any monthly payments or worry about the prospect of leaving her beloved home.
Claudia is using her lump sum to top up her state pension and fund her retirement.
- Claudia has increased her income in retirement, without having a private pension or having to sell her home
- No monthly repayments
- Flexibility to borrow more money in the future
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