Peter has enjoyed an active lifestyle since retiring from his job as a teacher twelve years ago. His retirement is funded by a combination of superannuation, pension, and earnings from small family investments he made along the way. The rest of his wealth, however, is tied up in his North Turramurra property. His cashflow is healthy, but he doesn’t have a lot of savings readily available to draw on.

Recently, Peter unfortunately faced a bit of a health scare with some ongoing complications that have impacted his general health and mobility. He was worried that he may have to uproot his life by selling his property to move into an aged care – something he definitely wants to avoid for now.

Peter has always had a view to see out his retirement years in his current home, for as long as he can, but this situation forced a tough decision much earlier than he would have liked.

“It was either downsize into a [aged care] facility, or come up with the cash to make the necessary modifications – probably by selling my investments”
- Peter

Peter was reluctant to liquidate investments or take advances on his superannuation as he didn’t want to impact his current cashflow - nor did he want to rely on help from his daughter who has a young family to support.

How a home equity release loan helped:

Peter was delighted to find out that he could release part of the equity he had in his home to free up the funds necessary for some vital improvements to the property.

By taking out an Equity Empower loan, Peter released $80,000 of equity to fund a significant overhaul of key areas of his home allowing him to put in the necessary mobility-assistance and accessibility fittings he needs to remain independent.  

Peter greatly valued that he had another option open to him – allowing him to continue to enjoy retirement on his terms.  

Peter also took out an additional $70,000 line of credit to be readily available, when and if he needs it. For now, this has helped him pay for a part-time carer, but he also now has funds available in case something further unexpected happens.

By taking out an equity release loan Peter was not forced to make a decision about the sale of his home until he feels ready. Ultimately, he has accepted that he will likely need to move into an assisted living facility if his condition worsens; but he loves the peace of mind that comes from not being forced into a decision too early!

According to an Australian Seniors Report, 2 in 5 Australian seniors are living with major ongoing health challenges. To find out how an Inviva home equity release loan can help with medical expenses or other lifestyle needs, click here.

‍