A helping hand for loved ones

Looking after family is a top priority for most people, so when June Kerr saw her grandchildren were IN NEED OF A fiNANCIAL HELPING hand, she was thrilled to be ABLE TO OffER IT.

‘My grandson and his partner are such fantastic parents – they put all their time and energy into their kids,’ says the 81-year-old.

‘When their gas boiler broke and my grandson’s partner was a week from having her child, she desperately wanted to have him at home. Having the extra funds meant I could help and she could have her baby at home.

‘I’ve been able to help my granddaughter with her first child, too – buying furniture and the things she needs. I’d rather they had the money now when they need it and it’s lovely to be able to help.’

Things weren’t always like this for June, though. After retiring from teaching at the age of 65, she used her pension savings and endowment to pay off her mortgage so that she was financially secure in her home.

‘But it left me with an empty pot,’ says June. ‘I found myself in a situation where I was sitting on more than £300,000 of property mortgage-free, but I was still frightened to death should anything actually happen, as I didn’t know where the money would come from.’

She began to consider whether she could use some of the money tied up in her home to supplement her income and provide a cash buffer for emergencies.

‘I started to think about equity release, and did so for about two years. I talked it over with my three daughters and went from there,’ she says. ‘When I read up on it, Key seemed to be a good company, so I got in touch.’

June met her adviser in her home, who helped her consider her options, and explained that there was no pressure to go ahead and nothing to pay for the advice.

‘Equity release has absolutely given me peace of mind,’ she explains. ‘I don’t need to worry any more. If the washing machine breaks down, I can afford to replace it.’

The most common reasons for a financial gift is for a house deposit or to provide an early inheritance

Analysis from Key, the UK’s leading equity release adviser