Customer Case History - Richard and Grainne

Richard (not his real name*) built a successful construction business in Co. Dublin, while his wife, Grainne, kept everything running smoothly from their busy family home. Together they raised six children, and there was never a dull moment for the two of them.

When they were in their thirties, Richard and Grainne bought a small countryside home that quickly became, as their daughter Elisabeth still describes it, their ‘happy place’. Decades later, still energetic and living life to the fullest, they bought a property in Spain. For years they divided their time between the places they loved most.

Once their children grew up and moved out, Richard and Grainne sold the family home and downsized to an apartment in the same area. They wanted to stay close to friends, neighbours and, most importantly, family. They continued to enjoy good health and an active retirement right into their eighties.

Everything changed in 2020. Early that year, Grainne was diagnosed with Alzheimer’s disease and vascular dementia. Shortly afterwards, Richard received his own Alzheimer’s diagnosis. It was a difficult time for the whole family, made even more complex by the pandemic unfolding around them.

Elisabeth tells the story from here. For her parents, staying in their own home meant everything. When they gave Elisabeth power of attorney, she and her siblings agreed that they would do whatever they could to honour that wish.

Fortunately, the apartment had enough space for a live-in carer, which made staying at home possible. Richard was unsure at first, but the alternative was residential care, something he was deeply opposed to. Once he saw how well live-in care worked for them, he quickly embraced the arrangement, and it has been a vital support ever since.

Providing full time care at home comes with considerable cost. Because the Fair Deal scheme does not cover home care, Elisabeth and her siblings had to look at every option available. They sold their parents’ investment properties and put the funds aside for care, but as Elisabeth explains, it does not last long.

Two years ago, she came across information about the Spry Finance Lifetime Mortgage. The idea that her parents could release equity from their home without selling it or moving out felt like an option worth exploring.

As power of attorney, Elisabeth contacted Spry Finance to learn more. She met with Nigel, a customer consultant, who walked her through the process and explained the terms clearly. She took the time she needed to speak with her lawyer and her siblings and to decide if this was the right step for her parents.

This year, they chose to move forward with the loan to support Richard and Grainne’s ongoing care needs. They agreed an amount that will fund live-in care for several years, with no repayments required and no need for their parents to change their living arrangements.

Elisabeth says the Spry Finance Lifetime Mortgage has been a vital support for the family. “Without it, we would be putting our parents into residential care right now. With the loan, we can keep them in their own home, exactly as they wanted.”

^{* True customer case studies using fictional names}

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