A retired woman in her late 70s, finding that her income was not sufficient to cover her outgoings.
Client’s financial difficulties had led to her accumulating debts and experiencing stress and illness. Friends and neighbours had been providing financial support as the situation worsened as she had no longer had any family.
Tailored solution provided by John Lamb Hill Oldridge
We recommended a lifetime mortgage with a drawdown facility from which she could access funds to provide an income for the rest of her life. The initial amount borrowed was used to clear her existing debt, carry out some home improvements and create an emergency fund for any unexpected costs that may have arisen.
A drawdown facility was arranged to provide sufficient funds to supplement her income for the rest of her life.
This case shows how equity release contracts can be used to provide vital additional income, and how John Lamb Hill Oldridge advisers can improve clients’ financial positions.