Tony and Liz were clients in their early 70s. After experiencing a deterioration in their health and mobility, they wanted to ensure that they could retain their independence, dignity and financial security.
Tony and Liz had limited liquid assets available. Instead, we explored several options, including selling their property, moving to a retirement complex or remaining where they were. They didn’t want to sacrifice their quality of life and, whilst a legacy was desirable, this was of secondary importance.
It was agreed that the best option was to remain in their current home to retain access to their support network and friends. However, in order to future-proof their home, they needed to undertake several renovations to the layout, access points and outside space.
Without surplus income to fund the works, we arranged a lifetime mortgage with a lower initial debt, but a significant pre-agreed drawdown facility. This has allowed Tony and Liz to future-proof the property, but it has also given them access to pre-agreed additional funds should these be needed to provide care at home. As the interest is only charged on the monies drawn down, the accrual is relatively minor initially; helping to protect the legacy they leave to their children.
Tony and Liz are now feeling more confident about their ability to continue to enjoy their home, with the added security of knowing that additional funds are available should they need them.
