Paid off Debts
Susan’s husband passed away when she was just 60 years old, leaving her with a smaller income and a mound of debt to reduce. Even though she was still working, she could not keep up with paying the outstanding debts the couple had accumulated.
Susan was able to secure a lifetime mortgage that allowed for ad-hoc payments and consolidated her outstanding debt balance. She was then able to not only pay down her debt but also make interest payments on her lifetime mortgage. This allowed her to keep her mortgage debt level while still allowing for an inheritance in the future.
Bill and Jennifer, both aged 70 have worked their entire lives and have recently retired. They have always wanted to travel but could never quite find the resources or the time when they were both working.
Bill and Jennifer were able to take out a lifetime mortgage that allowed for a lump sum that could be used right away for travel. They are able to both take their holiday and pay all of the interest and some of the capital back each month. Over time, Bill and Jennifer will be able to pay off the loan.
Rachael has only one grandchild, who is now an adult working a solid job. While her grandson makes a decent living, there isn’t much left over each month once the bills are paid.
Because Rachael already uses most of her income every month, she decided on an interest roll-up lifetime mortgage. Rachael also doesn’t have a lot of savings built up so she added a cash reserve facility to the product. Rachael was able to give an inheritance to her grandson while also securing an emergency fund for herself.
Richard had just retired when he realized he needed a new car. He didn’t have a lot of savings to purchase one outright but would need one to get around during his retirement. He also wanted to splurge a bit and get a car he always wanted.
Richard used a lump sum lifetime mortgage with ad-hoc payments to purchase his new car. He is able to make payments when possible against his debt, which allows him to control his balance and he was able to buy the car he always wanted.