How Sir Geoff Hurst provided for his family with Equity Release

“Okay, fire ahead!” grins Sir Geoff, smartly dressed, early and already halfway through his first coffee. It’s a bright and sunny morning in early summer, and I’m sitting down to talk all things equity release with 1966 football legend, Sir Geoff Hurst. The man who scored that hattrick began exploring this financial option during the pandemic and, in early 2021, successfully released funds from his home in Cheltenham. It’s in this beautiful Regency town where we’re meeting today, so that Sir Geoff can run me through his experience of the often-misunderstood equity release process.

If you’re unfamiliar with equity release, it’s the process of borrowing against the value of your home to release tax-free cash. The UK’s most popular equity release product, and the option that worked for Sir Geoff, is a Lifetime Mortgage. Lifetime Mortgages are a far cry from home reversion plans of the past, the effects of which still spark myths amongst homeowners.

Sir Geoff, however, is clear from the start that he didn’t have any concerns about releasing equity, insisting, “I felt really confident. I didn’t have any apprehension about it.” He laughs at my surprise that such a huge financial decision didn’t prompt at least a little reluctance; it’s clearly a response he’s had from loved ones, too. “My family always think I’m positive. [My wife] is cautious. I’m probably a bit more ‘let’s do it’. That’s my general attitude anyway. I’m not one that will do about a year’s research before putting pen to paper.”

It's understandable that his wife had some reservations. Equity release will reduce the value of your estate and could affect entitlement to means-tested benefits. Although there are customer-facing safeguards in place to ensure transparency and high levels of conduct amongst providers and lenders, it’s important for homeowners to be fully informed about the potential risks. Was there anything particular that his wife was concerned about? “It was a fair amount of money and quite a big commitment. But I chatted to her a bit about it, over a period of time. In some cases, when we have big decisions, she worries about it, and she’s proved to be right. This time we pursued it and then we moved on.”

Family is clearly incredibly important to Sir Geoff; in fact, it’s family that prompted his decision to release equity in the first place. “I’ve got ‘the mob’”, he tells me solemnly, leaning across the table and counting on his fingers. “The wife, the children, grandchildren… son-in-law… dog,” he cracks a wide smile and leans back. “My generation all feel the same, they feel they want to help their kids and grandchildren to any extent that they can do so. Having a little bit more money to do that at a time when it’s convenient to do it makes a lot of sense.”

Sir Geoff lights up when he speaks about his family. He has 3 daughters, though his eldest sadly passed away in 2010, and a whole host of grandchildren. It’s providing for them while he’s able to watch them enjoy it that has been the highlight of Hurst’s equity release journey. “Who needs the money when they’re 70?” he asks, chuckling at the thought. “They need it when the kids are growing up.” Hurst is evidently an advocate for gifting an early inheritance, and it’s paying for the little things that has been the real pleasure. “Take my middle granddaughter,” he offers as an example, “she’s 13 and she enjoys the dance and drama and that costs money. But she really enjoys it. If I wasn’t in a position to [finance] that, I’d be pretty disappointed.”

Sir Geoff pulls out his phone and begins showing me photos. His grandson at a football event. His daughters clambering on his back as grinning children. His wife, watching from the stands as a young Hurst scores for England. He’s incredibly proud of the family he’s built. It must be nice for him to see the effects of his financial support? “Brilliant, of course, to see them enjoy it. Every single thing. It’s the whole life, the whole family. Helping with the house, the interior, the driveway. It goes on and on.” He rolls his eyes, “On and on. But it’s nice to be in a position to do it.”

Sir Geoff joined record numbers of homeowners who released money from their homes during the pandemic, when the industry had to adapt quickly to a vastly different way of working. Advisers, who were used to meeting homeowners face-to-face, had to learn to offer the same exceptional service via Zoom. When Sir Geoff’s adviser arrives to meet us, however, it’s hard to believe that this is the first time they’ve met in person. I remark that the adviser has just missed us talking about him. “Just as well!” grins Sir Geoff.

The joke covers a moment of shyness, as Mr Hurst has been incredibly complimentary about his adviser, Ian Akeroyd. When a homeowner chooses to progress with equity release, they are partnered with a local adviser to support them for the entire duration of the process, and in Sir Geoff’s case, it didn’t matter that all interactions were over the phone. “With some other companies, I was talking to a robot for a while,” at this he pulls an unimpressed grimace. “The communication with Ian was good. There’s nothing about Ian, to be honest with you, that put me off. He wasn’t smarmy, or over the top. He’s a good man.”

When I speak with Ian later about the advice process, he explains that he sees his role as an adviser and never as a salesperson. “If I’ve done my job properly, my clients can make their own decision. It’s a client’s decision to accept or reject the solution I put forward.” Sir Geoff supports this, remembering that Ian was “responsive, but not over the top or pushy. That was very important.”

After speaking through his options with Ian, Sir Geoff opted for a product known as a drawdown, releasing an initial lump-sum whilst also creating a reserve of cash to access later. Whilst this option is flexible, it does prolong the process of releasing funds, but Sir Geoff found the process of accessing a further release “Just the same. Smooth.” He laughs and rolls his eyes. “Typical me. If you’re going to go for it, get the lot. Don’t mess around!”

Sir Geoff certainly doesn’t mess around in his retirement either. Though long retired from football, he has never truly retired from the world of work. In an average week, he works two days as a public speaker and reveals that he enjoys the travel involved. “I have very few hobbies, so my work and travel have been a hobby to an extent. You’ve got to do something.” Though of course, Hurst doesn’t let this take away from time spent with his loved ones. “I’ve got a terrific balance,” he explains, “Couple of days a week and I’ve got time for the family, breaks and holidays.”

Hurst’s wife accompanies him on most of his trips around the UK and when Sir Geoff leaves our meeting, it’s to meet her for a coffee. This is an almost daily ritual for the couple, who married in 1964. Despite being a world-famous footballer, Hurst has managed to stay remarkably grounded, putting his family above all else. With trademark humour, he lets me in on his secret. “My wife’s got a very large hammer and two nails. That keeps my feet firmly on the ground!”