Lifetime Mortgage Case Study

Lifetime Mortgage Case Study

Lifetime mortgages are available to persons aged 55 and over. They release equity from your home, creating a loan against the value of your property that grants you tax-free money – paid in a lump sum or instalments.

A lifetime mortgage doesn’t require monthly repayments, although these are possible if you want to offset some of the interest. A lifetime mortgage will be repaid either when you enter full-time care, or at the end of your life – typically, using the remaining equity of your home.

Find out more with our article on lifetime mortgages and how they work >

Sarah’s Story

Sarah is a retired teacher, living in Ashburton. Her passion for travel has been part of her life for as long as she can remember – but, as with many things in life, obstacles began getting in the way.

First, it was the fixed income from her pension. This limited the number of things she could do and made it hard to save for the destinations of her daydreams.

Second was healthcare. Not just the increase of her own personal healthcare costs, but the travel insurance hikes that came with it.
Struggling, Sarah turned to Hansford Bell in order to find a solution. She wanted to find a way to maintain her daily lifestyle, travel to wherever she wanted, and still have enough left over in case of an emergency.

She didn’t want monthly repayments, and she didn’t want to have to relocate from her home near her neighbours, friends, and memories.

Hansford Bell’s Solution

The solution we came to was to release a portion of Sarah’s home’s equity. This was brought about through a series of discussions as our experts grew to understand her wants and needs, finding a solution that was right for her.

1. Initial Consultation

The first step was to understand what Sarah’s needs were. We discussed her situation, and attentively listened to her concerns. Through this, we identified her desire to maintain the ownership of her home and got the full picture of Sarah’s love of travel.
We went on to discuss possible ways to secure additional funds for her travel expenses, without changing her home or lifestyle. This included exploring income in retirement and different ways to release her home’s equity.

2. Customised Solution

Once we understood the full picture, our team began work on crafting Sarah’s tailored solution. We settled on a lifetime mortgage plan – it would allow her to reclaim a portion of the equity in her home, keeping ownership of it while preventing the need for monthly payments.
This plan would help support Sarah’s financial security, her love of travel, and her rising healthcare costs.

3. Mortgage Process

Sarah was excited to implement her solution and couldn’t wait to get back out into the world and continue travelling.
To aid her on her journey, we helped guide Sarah through the lifetime mortgage process. We handled the paperwork, liaised with the lenders, and made the process as seamless and stress-free as possible.

The Result

With her new financial flexibility, Sarah can now travel as extensively as she desires. Her new funds cover the travel insurance on her journeys and the healthcare expenses of her daily life, enabling her to achieve the lifestyle of her dreams while fully enjoying her golden years.

Sarah’s journey is just one of many examples of how people have achieved their lifestyle goals and dreams with customised solutions from consultations with the team at Hansford Bell. This case study shows how Sarah maintained her homeownership and financial freedom while gaining the room to pursue her travelling dreams.

Her experiences highlight the possibilities that lifetime mortgages can offer to retirees and shows how Hansford Bell could be your key to a brighter financial future.

Equity Release may involve a Lifetime Mortgage or Home Reversion Plan. To fully understand the features and risks, please ask for a personalised illustration

A Fresh Approach to Financial Planning and Advice.

Hansford Bell aren’t your average team of financial specialists. We take the time to get to know our clients and help them realise what they want from their life, whether that’s a personal ambition or a financial goal.

Our planners are highly experienced and know the industry inside-out. We combine simplified, straight-forward tips and guidance with cutting-edge technology and a comprehensive understanding of your situation. We focus on your finances, so you can focus on living your life.

Want to know more? Talk to us today and we can start making that dream future a reality!