Mr Williams, a widower in his late 90’s, required constant care due to age and health related problems. As a result of Mr Williams’ condition, his family had registered for Power of Attorney, enabling them to manage his financial affairs, health and welfare.
Mr Williams lived in a property worth £1.7 million, with surrounding land and farm worth £7.7 million. He also had an investment portfolio of £100,000 but minimal cash savings available. Mr Williams required £300,000 per year in order to meet the costs of receiving care and to run his household.
It was agreed by his family that they wanted Mr Williams to continue living at his home however they needed a solution to raising the capital to cover the ongoing costs.
Working closely with Mr Williams’ family and his solicitor, we decided that the best option would be to release the maximum equity from his home to ensure that there were sufficient funds to meet his needs. We recommended a Lifetime Mortgage that took into account Mr Williams’ health and lifestyle which provided an ‘Enhanced Loan Amount’ and we were able to release £935,000 from the property, enabling him to remain at home and receive ongoing care.
Our knowledge enabled us to recommend a lender that would not only provide the maximum lump sum, but that could also accept the complications surrounding Power of Attorney applications and Grade II listed properties.