05 January 2023
Equity release consolidates debts and process reveals unclaimed benefit entitlement
“I originally heard about equity release from a friend who had used it. I needed to consolidate some existing debts and needed a new car to help with family transport arrangements. My only option was to do something with my property as I was potentially sitting on a lot of money and thought I could use that, rather than moving.
“I researched various organisations and chose an adviser with a professional, friendly approach and no deadline to sign. It was a weight off my mind knowing I don’t have to pay each month which then gave me free extra income. Having my own vehicle was a great relief.
“I have also been able to claim Council Tax benefit thanks to my adviser’s help – I had no idea I would be entitled to any benefits, but it was the first question she asked and she helped me to apply online at our meeting.
“If I’d not taken out an equity release plan, I probably would have had to downsize. This would have meant a flat and I didn’t like the idea of leasehold property or moving area. Equity release is personal and everybody’s situation is different, but I know I did the right thing. Taking out an equity release plan is the best thing I’ve ever done.”
This case study was supplied by SWR Equity release Services who also advised Sue on her equity release. The image is posed by a model.
It was first published in the Council’s Anniversary Report in January 2022. To read the report please click here.