Finding care with equity release
Dom Beer and Chris Beer
Mr Walsh's Story
At 83 years old, Mr Walsh had lost his wife two years prior due to illness. Since then, Mr Walsh has been living by himself except his two cats, Poppy and Oscar.
Mr Walsh has been suffering with arthritis for years, which has now made it impossible to complete some basic tasks meaning he would need additional care. To receive care at his home it would cost him £1,300 each week.
- 83 Years Old
- Widower
- Home Value: £1,200,000
Now taking into account his state and private pensions, as well as attendance allowance, Mr Walsh would still be £653 short each week if he wanted care at home, which would work out at almost £34,000 each year!
His daughter has suggested that a long-term care home may be a better place for him to be as he would be able to receive all the necessary care; however, Mr Walsh wants to stay in his own home where he has Poppy and Oscar along with years of happy memories.
The answer?
Mr Walsh’s daughter, Emily, wanted to see what options were available for her father so spoke with a financial advisor.
After discussing the situation, the advisor outlined the possibility of equity release. The equity release that the financial advisor suggested was an Enhanced Lifetime Mortgage, which would offer a cash reserve. Mr Walsh initially drew out £18,000 and then every six months he would then draw out £17,000 to be used on additional care.
What happened next?
Mr Walsh was able to continue living in his own home for just over two years before he passed away surrounded by his family, cats and fond memories. Following his time receiving care at home, Mr Walsh’s estate owed around £124,000 for the equity released from the estate; however, during that time the value of the property rose to £1,250,000.
This means that Emily will still be able to receive a healthy inheritance that she can use for herself and her children. Emily was glad that her father was able to stay at home where he truly wanted to be.
If you are looking for equity release for your Devon property, speak with our advisors today to find out more.
Applying for equity release
Equity release can be a powerful tool in freeing up some cash from property to be used elsewhere. Whether you are looking for money to be used on care, a new car or a holiday, equity release could be the perfect solution for your situation.
Get in touch with our friendly Devon based equity release team to find out how we can help you.
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About Beerstone
Beerstone Financial Services was established in 1996 by Chris Beer, our Founding Director, who still plays a key role in the company and ensures we maintain the best service.
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Beerstone Financial Services was established in 1996 by Chris Beer, our Director, who still oversees the company and ensures we maintain the best service.
In total we have over 30 years of experience in financial services working in a range of environments so you can be sure that your situation is in experienced hands.
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Visit our offices: 2 Southernhay West, Exeter, EX1 1JG
Beerstone Financial Services Ltd (542704) is an Appointed Representative of BrokerSync Ltd, which is authorised and regulated by the Financial Conduct Authority (1031981).
There may be a fee for Mortgage Advice. The precise amount will depend upon your circumstances and will be agreed upon following your initial meeting.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. Beerstone Financial Services Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. ABC Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
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