“I was in reasonable health, but an injury meant I was unable to work. I owned my own home with a small mortgage, which was my only asset, and was struggling financially.

“My interest-only mortgage was also coming to an end and I was told I couldn’t extend the term. I was trying to downsize but received no sensible offers on my property.

“I was really worried and having trouble sleeping, until I was introduced to a specialist adviser by a friend. I felt so much better to learn I could use a lifetime mortgage to replace the existing loan.

“Using equity release allowed me to clear my mortgage and reduce my outgoings. I was also able to repay friends who had helped me to make ends meet. Releasing equity was the best financial decision I have made, and both my adviser and conveyancer made the whole process straightforward.

“I have subsequently sold my property and moved to a lovely house with my partner, taking the lifetime mortgage with me. Life could not be better, and my partner and I hope to get married in the next couple of years.”

This case study was supplied by Lucra. The picture is posed by models.

It was first published in the Council’s Anniversary Report in January 2022. To read the report please click here.