0 Flexible Drawdown Lifetime Mortgage Funds Care in the Home By The Bower Team / In Equity Release Often in later life it gets to the stage where if you live at home on your own, you could do with some extra help with everyday living. This was the case for Mrs James of Sevenoaks in Kent who approached award winning Equity Release Specialists Bower when she decided to look at her options for funding extra assistance at home. Financial Help with Housekeeping, Cooking & Gardening Mrs James, a retired widow in her early eighties, was looking for help with housekeeping and shopping, cooking and keeping her garden tidy. She didn’t want to move out of the home as she felt comfortable there but the problem was the income from her monthly pension was just about enough to cover her day to day expenses which left no spare cash available for this extra help she needed. As well as this help, Mrs James also desperately wanted to replace her ageing windows and doors to improve security and get her heating bills down plus there were a few adaptations that had been recommended to her to make getting around the home easier. Bower’s qualified specialist equity release adviser provided Mrs James with independent advice and considered all the alternatives before it was decided to proceed with equity release. The adviser then researched the whole of the equity release market and selected a flexible drawdown Lifetime Mortgage from a Safe Home Income Plans (SHIP) registered provider with competitive terms and a fixed interest rate. £25,000 for Home Improvements and £50,000 to draw down as required An initial, tax-free sum of £25,000 was released from her £180,000 home and as well as this, it was made possible for Mrs James to drawdown tax-free sums of £2,000 plus as needed, without any charges, from a £50,000 reserve. Mrs James now enjoys better home security and cheaper heating bills thanks to new windows and doors; easier living thanks to a walk-in bath, hand rails and ramps and enough money to pay a housekeeper; gardener and ‘meals on wheels’ delivery service. She said, ‘I found Bower extremely helpful, efficient with meticulous attention to detail. All in all a satisfying company with which to do business.’ Means Tested Benefits Maintained A flexible drawdown Lifetime Mortgage allows the withdrawal of cash sums up to a set number of years or until the reserve amount has been spent. They are favoured by those receiving means tested benefits as you only pay a fixed rate of interest on the money taken so they can keep you within the limits. Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration. Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email firstname.lastname@example.org or call 0800 4118668.