Your Needs and Options

Your Needs

Everybody’s needs are different and most clients have more than one purpose for their Lifetime Loan. In Spry’s experience these are the most common things that clients have used a Lifetime Loan for:

Home improvements, to keep the home healthy and comfortable.
Purchases for the home.
Paying off a mortgage balance or other debt to free up monthly cash flow.
Replacing the car.
Reasonable lifestyle expenses. If you are ‘asset-rich but cash-poor’ a Lifetime Loan can make all the difference to your quality of life in retirement.

A Lifetime Loan is designed primarily to release funds to meet prudent financial needs and objectives in retirement years. It is not intended to enable the making of financial or business investments, which we strongly recommend against.

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Consider all the options

A Lifetime Loan is one option that is available to you. Whatever your particular reason for needing extra cash, remember Lifetime Loans are not right for everyone so before you go ahead it is important to have considered all the alternatives, such as:

Trading down.
Sale and rent.
Let part of your home.
Apply for a standard mortgage.
Financial support from family and friends.
Existing savings and investments.
More efficient budgeting of income and expenditure.

Is it suitable for you?

The Lifetime Loan eligibility criteria are all about checking if both you and your home are suitable for a Lifetime Loan on the face of things. Even if the answer is ‘yes’ for both, a more important question is this: Is a Lifetime Loan suitable for you?

At Spry we understand that everyone’s circumstances are different. We’re here to help you decide if a Lifetime Loan is right for you.

We do this by spending time with you to ensure you fully understand how a Lifetime Loan works and the implications of taking one out. We work with you so we both get a deeper understanding of what your financial needs are and whether or not a Lifetime Loan is a suitable solution to meet those needs – it might not be.

For more information on this consultation process click here »

The Spry Consultation Process

If you want to take things further, one of our experienced Spry Client Consultants will work with you to build a clear picture of your personal and financial needs and whether or not a Lifetime Loan is suitable to meet them.

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