Jean can cover her day-to-day essentials, but has no savings or investments, only her pension.
She would like a little extra each month, to be able to treat her grandchildren with days out and spoil them more often and to spend more time out with friends and to keep fit. She’d also like to install a downstairs bathroom to make sure her house is suitable as she gets older and less physically able.
Jean still lives in the family home, a large three-bedroom property in Kent worth £500,000 with no outstanding mortgage. Although her home is larger than she needs, she has a strong emotional attachment to it. It’s where she raised her family with her late husband. It’s also ideally located close to her daughter, so she doesn’t want to move out of the area.
She’s considered lifetime mortgages before, but feels nervous about managing a lump sum, because her husband always managed the finances. She wants everything going forward to be as simple as possible. She’d also like to leave some inheritance to her family.
Jean, 70, widowed would like:
- To supplement her income for a fixed term
- To stay in her home
- A simple arrangement that once set up will not change
- To leave an inheritance when she dies.