HFA Later Life made it happen for 73-year-old Bill from Southport. Family has always been at the heart of everything Bill does. Widowed three years ago after losing his beloved wife, Cheryl, Bill found comfort in his close-knit circle of friends and neighbours, as well as his weekly golf game at Hurlston Hall Golf Club.
But while his community in Southport gave him a strong sense of belonging, there was one thing missing – more time with his daughter, son-in-law and three young grandchildren.
The challenge? They live almost four hours away in Lincolnshire, just outside the seaside town of Mablethorpe. Visits were special but infrequent, often just three or four times a year. While Bill enjoyed staying at his daughter’s home, the chaos of a busy household with three children under six sometimes clashed with his new-found appreciation for an early bedtime. (“8:45pm sharp, same as the telly news,” he jokes.)
The Holiday Home Dream
On a recent trip to visit his family, they all took a walk along the coast. While driving back from the beach, they passed a beautifully kept static caravan park with spacious two-bedroom holiday homes.
Something clicked for Bill. A place of his own near his family would mean he could spend more time with them without giving up his independence, or his early nights.
After some research, he found that a good-quality two-bedroom static caravan in the area would cost around £35,000, with annual site fees on top. Bill calculated that to buy outright and cover site fees for the next 20 years, he’d need around £75,000. “If I’m lucky enough to make it to 93, I’ll still have somewhere to stay,” he reasoned.
Why Not Just Move?
His daughter suggested selling his Southport home and moving closer permanently, but for Bill, that was out of the question.
Southport was home. His friends, his routine, and his weekly golf game were all there. Uprooting himself entirely didn’t feel right. What he wanted was the best of both worlds: to keep his home by the sea and add a second base near his family.
That’s when his daughter mentioned equity release.
How HFA Later Life Made It Happen
Bill contacted HFA Later Life for advice. He was introduced to a specialist adviser who explained exactly how equity release works, what the options were, and what it would mean for his finances and future.
Bill was eligible for a lifetime mortgage, allowing him to release £80,000 from the value of his Southport home without needing to move out or make monthly repayments.
The adviser took him through all the pros and cons, the long-term implications and the safeguards in place, such as no negative equity guarantees. Bill was reassured to learn that he’d always own his home and have the right to live there for life.
Within twelve weeks, the funds were in his account.
A New Chapter of Coastal Hopping
Bill bought his static caravan in Mablethorpe outright, covered his site fees for the next two decades and still had a little extra left over for furniture and a few rounds of golf.
Now, instead of the occasional long trip, he makes the journey every other weekend, alternating between his West Coast home in Southport and his East Coast retreat near family.
He’s also joined the holiday park’s golf team and discovered a few new local courses. “It’s a good thing the grandkids are still too little to beat me at golf, but give it time,” he said on a recent call.
Bill’s Reflection
Looking back, Bill says he’s glad he spoke to HFA Later Life rather than trying to figure it out on his own.
“I just wanted to make sure we’d be ok and I’d always have somewhere to live. I didn’t realise the options I had. Cheryl was always the boss when it came to money and she would have told me the same as my daughter did – that life’s for living. So, I went for it. Best decision I’ve made in years.”
Thinking About Your Own Options?
Like Bill, you might be looking for a way to make more of life in later years – whether that’s seeing family more often, travelling, making home improvements, or simply having extra financial flexibility.
Equity release could be one way to make it happen, but it’s not for everyone, which is why it’s important to get clear, expert, and regulated advice.
At HFA Later Life, we’ll help you explore all your options and only recommend equity release if it’s right for your circumstances.
Visit www.HFALaterLife.uk to book your free consultation with a qualified later life mortgage adviser.
Important Notice:
Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.
This is a Lifetime Mortgage. These are only applicable to those 55 and over, and it could affect eligibility to state means-tested benefits and the inheritance you may leave. To understand the features and risks, ask for a personalised illustration.
There may be a fee for advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £1500.
