How to reinvent your home with Equity Release

Have big plans for renovating your home but not sure how to afford it? Read on

Keith and Jane, aged 65 and 59, had home improvements on their mind but no savings cushion to fund them.

The cost of modernising their kitchen, updating their appliances, and extending their conservatory so that Keith had more space to dedicate to his lifelong hobbies was significant, but after searching for flexible funding solutions online they found the Reader’s Digest Equity Release calculator.

A brand you know and trust

Keith felt confident knowing he was dealing with a familiar brand and was happy to speak with the friendly people at Reader’s Digest Equity Release once he had gained some initial quotes about how much his desired home improvements would cost.

After a few quick eligibility checks, the UK-based Information team were able to confirm that releasing equity could be a flexible solution for Keith and Jane.

No pressure to proceed

There was never any pressure or obligation as Keith and Jane’s enquiry progressed and they felt calm in the knowledge that they would not be charged anything by Reader’s Digest Equity Release should they choose not to proceed.

The information team were able to book them a no-obligation appointment with a fully qualified and local adviser so that they could understand that releasing equity would reduce the value of their estate and could affect their entitlement to means-tested benefits.

A personal adviser to guide you through the process

It was particularly important to Keith and Jane that any risks were clear, as they had concerns that getting a cash boost may affect their other sources of income having recently received some benefits due to the impact of the COVID-19 pandemic on Jane’s income as a self-employed hairdresser.

By receiving a personalised illustration, the couple understood the wider picture and felt better informed of the pitfalls of the process. Their adviser was more than happy to give them some time to think about whether equity release was right for both them and their family before moving forward.

There were various plans and product features available that reassured the couple that they could mitigate the impact of these potential risks.

Product features tailored to your needs

The whole process moved along at a pace determined by Keith and Jane, but their adviser remained with them throughout their journey.

They received market leading advice and protection throughout their interaction with Reader’s Digest Equity Release, with their personal adviser getting to know their specific circumstances very quickly and, after realising that they had some other financial goals in the pipeline, recommended a specific type of plan called a drawdown Lifetime Mortgage.

With this type of plan, they could take a smaller cash lump sum now, with the remaining equity available to them placed in an interest-free reserve to access later should they choose to do so.

Thanks to their adviser carrying out all of the more financially complex processes on their behalf, the couple didn’t have to wait long to receive their cash after giving the go ahead. All that remained on Keith and Jane’s to do list was to make some calls to the builders and start planning how they were going to spend their funds.

The flexibility to do more

Having gone from seemingly unachievable goals to having a refreshed home that made it easier to find time and space for the things they loved, as well as the option to do more in the future, Keith and Jane’s retirement has been reinvigorated.

Use our free online calculator today or, even better, call the Information Team direct on 0808 164 1804 and you too could use the value you already hold in your home to transform it.

No heavy lifting, just an honest service from a brand you can trust. That’s the simplicity you get from Reader’s Digest Equity Release, why make it more difficult?

 This case study is a worked example and is for illustrative purposes only.

A Lifetime Mortgage will impact the value of your estate and could affect your entitlement to means-tested benefits. To understand the features and risks asks for a personalised illustration. Reader’s Digest Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.orguk/) under reference 610205. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490.

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