Alice, 66, a retired personal assistant, and David, 74, a retired printing industry worker, had been considering equity release for some time.
“Eventually we decided if we wanted to live more comfortably we would have to take the plunge,” said Alice.
Alice and David, not their real names, said their pensions were not enough to live on.
“We have been chipping away at our savings for years, but they soon started to dwindle so we decided to take a look at equity release,” she said.
They contacted specialist advisers Key Retirement to discuss their options and chose to go ahead.
“We have installed a chairlift, brought a reliable car, converted a bedroom into a bathroom and bought two rising chairs because of our mobility issues. We no longer have to worry about finances and now live more comfortably,” said Alice.
The couple still have some equity left in their home and Alice said they will take more out if needs be in future: “We plan to go on the holiday of a lifetime next year, visiting family in Cyprus then going on a cruise around the Mediterranean.”
Before their decision they spoke to their children, who encouraged them to go ahead even though it may reduce their inheritance.
“The interest on the lifetime mortgage will roll up, but the value of our property should also increase as house prices rise, so we hope there will still be plenty of equity left,” she added.
Alice concluded that a home is a big part of anybody’s life: “You want to stay if you can rather than move or downsize.”