Equity release puts sons mind at rest
Kathleen Plumridge loves her home in Hampshire, but although she is in good health at 84, some home improvements were needed to make living there easier.
Her son Christopher, and two daughters had been concerned about their mother's living situation for some time. "Mum is good for her age but the stairs are steep and the bathroom is upstairs," Christopher says. "My Dad died before retiring and she is on her own at home." So together, Kathleen and Chris contacted Key Retirement Solutions for independent advice on how to raise cash through an equity release plan to pay for some building work.
"I suggested to Mum that she look at releasing some equity from her home to pay for the things she wanted done," Christopher explains. "She was concerned we could end up owing money after her death but the adviser explained about the 'no negative equity guarantee' which makes sure this could never happen."
Key Retirement Solutions searched the market and found a lifetime mortgage to provide Kathleen with a tax-free cash lump sum of £30,000.
She has used the money to extend her home to include a new shower room, and now has a new kitchen where she no longer needs to reach into cupboards high up.
The improvements should enable Kathleen to continue living in her home for many years, which has been a relief to her children. There's even a little money left over for her to do up the garden.
"Mum was concerned in case there would be less money for me and my sisters to inherit," says Christopher. "But we no longer have to worry about her so much and, in any case, she and Dad always helped us out in the past when we needed it."