At Hayes Finance, we pride ourselves on helping clients find financial solutions, regardless of age or circumstances. One recent success story involved a 95-year-old client who needed to secure additional funding for her care. This case not only highlights our dedication to client care but also our ability to navigate the complexities of the equity release market.
The Situation
Our client, a 95-year-old homeowner, had an existing equity release plan with an provider. Unfortunately, they were not willing to release further equity despite the property being valued around 1 Million, leaving her in a tough spot as she needed to cover ongoing care costs.
The Challenge
Surprisingly finding a lender who would lend to a client at her age was no easy feat and in this particular case also required a bespoke solution to ensure that she could remain in her home and afford the care she needed going forwards into the future.
The Solution
We approached a specialist lender who was willing to provide a new equity release plan. This new lender paid off the existing loan and offered an additional £40,000 to cover one year of care costs. Furthermore, the client now has access to an additional £60,000 in a drawdown facility, which will allow her to access further funds as needed in the future.
Outcome
Our client now has peace of mind knowing that her care is fully funded for the next year, with a strategy in place to access further funds as necessary. Additionally, she can continue living comfortably in her home, which has been modified to suit her needs. The solution provided her with security, and her family fully supported her decision.
Why Hayes Finance?
What set this case apart was our dedication to safeguarding the client’s best interests. We made sure to meet with her and her family face-to-face, ensuring there was no coercion and that all parties were fully informed. We guided the family through every step, maintaining open lines of communication and making sure all options were explored.
Moving Forward
With the initial release secured, the client has the option to draw down more funds at a later date, potentially at a lower rate, depending on market conditions. This provides her with flexibility and financial stability as her care needs evolve.
Looking for a Solution?
If you or a loved one are considering equity release to cover care costs or other needs, don’t hesitate to reach out. At Hayes Finance, we specialise in finding tailored solutions that work for you. Let us take the stress off your hands and help secure your future.
