“Phillip Has Always Been Stuck in His Ways – Until I Told Him We’re Not Going to Live Forever”
For most of their 45 years together, Phillip and Jean have been what you might call “steady.” Steady jobs, steady savings, steady home life. Phillip, in particular, has always been one for routine and the type to stick with the same breakfast cereal for decades because “it works just fine.”
Three years ago, everything changed. Jean was diagnosed with breast cancer. The treatment was tough, but she came through it. Sitting together Jean recounts after her final check-up, turning to Phillip and saying words that would change the course of their retirement:
“We’re not going to live forever, Phillip and I don’t want to wait to do the things we’ve always talked about.”
For Jean, that meant one thing in particular and going back to the Caribbean, where she’d spent a magical family holiday in the 1960s as a child.
When Dreams Meet Practical Barriers
The problem was, while Phillip and Jean owned their home outright, their pension income was only just covering their day-to-day needs. Years of being cautious meant they’d never touched their property’s value and Phillip didn’t like the idea of taking on debt in retirement.
“I just thought, if we start borrowing against the house, we could lose it,” Phillip admits. “I wanted us to always have somewhere to live. That was my number one priority.”
That’s when they came to HFA Later Life to talk through their options. We explained that equity release, in the form of a lifetime mortgage, could allow them to access some of their home’s value as tax-free cash, without giving up ownership or having to move.
With the right plan, they could also safeguard their right to live in the home for life and even ring-fence a portion of its value for their children’s inheritance.
Making the Decision
After discussing the pros and cons, looking at repayment options, and reviewing the impact on inheritance, Phillip and Jean felt reassured. Their plan allowed for a fixed interest rate for life and gave them the flexibility to make voluntary payments if they wished. Most importantly to Phillip, their home remained theirs.
“I just hadn’t realised there were so many protections built in,” Phillip says. “Once I knew we weren’t putting our home at risk, it started to feel like the right thing to do.”
They decided to release a lump sum that would more than cover the cruise and give them a financial cushion for the years ahead.
Living Out the Dream – Literally
The cruise took them from Barbados to St Lucia, Antigua and beyond. Jean revisited the island she remembered from childhood, while Phillip discovered a taste for Caribbean rum punch (though, according to Jean, “he still prefers his cup of tea”).
“It was everything I hoped for and more,” Jean says. “We met incredible people, danced on deck under the stars and had the time to just be together without worrying about money or the future.”
The Real Value of Equity Release
For Phillip and Jean, the real benefit wasn’t just financial. It was emotional, knowing they’d made the most of their time together while they had the health and energy to enjoy it.
Equity release isn’t for everyone and it’s not a decision to make lightly, but for some, it’s the key to unlocking a more fulfilling retirement. Whether that’s travelling, helping family, or simply enjoying life without constant financial strain.
At HFA Later Life, we help clients understand exactly how lifetime mortgages work, what protections are available, and whether it truly fits their needs.
As Phillip puts it:
“I thought I was being sensible by holding on to the house value no matter what, but Jean’s always been the boss and she was right. We’re happier now and that’s worth more than anything. She hasn’t been wrong in 45 years, so why start doubting her now?”
Let’s Talk About What’s Right for You
If you’re considering equity release, the most important step is to get clear, regulated advice tailored to your situation. We’ll explore every option with you, including alternatives, so you can make a confident, informed choice.
Visit www.HFALaterLife.uk to book a free consultation with one of our qualified later life mortgage advisers.
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.
You can also visit our sister company to see if other mortgage options may be available here
