Creating the life you want – and how to finance it
Nuala used a Lifetime Mortgage to bring more comfort and freedom into her retirement years.
77 and happily retired, Nuala (not her real name*) lives independently in an apartment in North County Dublin, where she moved to be closer to her extended family. One of nine siblings, with 25 nieces and nephews and over 40 grand-nieces and nephews, Nuala has always put others first. Over the years she’s carefully managed her finances, making sure her money supports her family and the charities close to her heart.
But when she lost a close family member unexpectedly, it made her pause and reflect. As she puts it, “I wanted to make a difference to my own life.” The question was how to finance making that difference.
Nuala started exploring how to unlock some of the value in her home, to make day-to-day life a little more comfortable, and to enjoy the years ahead. After learning more about a Spry Lifetime Mortgage she spoke with her two nieces, who have power of attorney over her affairs. Both were extremely supportive and encouraged her to go ahead, reminding her that she had every right to use her hard-earned money for herself.
With a background in banking, Nuala was naturally cautious. She took her time to go through every detail. “There’s nothing there that isn’t in any normal loan offer,” she says. “I scrutinised every detail and the thing is – there really is no small print.”
Having the reassurance to take the next step, Nuala chose to take just over 30% of her apartment’s value. As she says “I’m now starting to enjoy the peace of mind that comes from knowing there’s money available when I want to use it.”
Her plans are simple but meaningful: winter holidays, visiting family living abroad, making home improvements. But it’s the little things that really make the difference to Nuala. “Public transport can be a nightmare in winter,” she adds. “But now, I don’t have to think twice about hopping in a taxi!”
* True customer case studies using fictional names