Mr Wallis*, Durham

In June 2008, Bob Wallis aged 73, signed up to his Retirement Plus Property Plan and received a cheque for £51,699. He’d been deliberating, together with his financial adviser and two sons about whether to release money from his home or not, for some time. Bearing in mind he had lived in the same house for 47 years and was now facing life on his own, having lost his wife the year before, they all decided that using equity release would enable him to remain living there among his friends and family and would provide some much needed cash for his needs. And there were several things he needed to finance – like repairing the roof, new kitchen appliances and to update the bathroom. Plus, there was the existing mortgage to pay off – and he wanted to put a bit aside to top up his pension.

The money made a world of difference

Mr Wallis and his sons chose the Property Plan because they wanted to release the maximum amount of money available on his £95,000 home. The payment of £51,699 means he now co-owns his home with Retirement Plus who own an initial share of 54.42% of the property, which will increase to a maximum share of 99.90% after 6 years and 5 months. The Wallis family is very happy with this arrangement and knows that Bob can continue to live in his own house for as long as he chooses to.

His broker says

“Bob Wallis is a very happy man now. He’s been able to subsidise his pension, repay a cumbersome mortgage and ensure his home is maintained in good condition. He also has peace of mind knowing that the flexibility of the Property Plan gives him some useful options should he wish to move in the future. All in all, a very satisfactory outcome, I’d say.”
 Lee Clifford, My Personal Finances