Equity Release or Lifetime Mortgages are a way of raising money against the value of your home. Although not a solution for everyone, we have found this to be something that many people consider once they start to approach retirement especially if they have limited pension provision and savings.
If you own your own home and even if you have a mortgage you could consider releasing equity from your home.
Case Study 1
Mrs S is a widow and contacted Pegasus as she owned her own home outright but had a small pension and no savings. She was struggling to make ends meet and wanted to know if there was a way she could release money from her home without having to sell the property and downsize.
After carefully considering her circumstances and all options, we were able to release a lump sum from her property which enabled our client to make some improvements and alterations to her home and also to make her life more comfortable financially.
Case Study 2
Mrs & Mrs L contacted Pegasus as they were about to retire. The were facing a reduction in their income as they would only be receiving State and Personal Pension income and, due to a change in their circumstances they were unable to repay their outstanding mortgage on their home. They had no family and did not wish to sell their property and downsize.
Pegasus were able to advise the clients on their options and they elected to release a lump sum with an Equity Release provider which enabled them to repay their existing mortgage in full which released them from the monthly expenditure of the mortgage meaning they could afford to retire on their income.
