Customer Story | Sep 2023
When Thomas Jackson (71) decided to offer some financial support to his daughter, he considered all of the solutions available before making his decision. Firstly, he looked at taking a joint mortgage with his daughter, but that option didn’t meet the needs of his family. “We both said, we’re going to be paying a fixed sum for the next 20 years. A fixed sum that we can’t get out of.”
Thomas’s adviser talked him through all of his available options. The adviser helped Thomas to understand how each option would impact his finances, so that he could make an informed decision. “I looked at a mortgage, I looked at the loan, but you still come back to all those sorts of things that you’re fixed in your payments. I looked at all those options.”
Ultimately, Thomas’s adviser recommended that the flexibility of a Lifetime Mortgage made it the right choice, and Thomas agreed that this suited him. “We are not going to let the interest mount up. We may or may not pay the full loan off, but we’re certainly going to pay off the interest. You’re in total control. If something happens and we pay a bit more of it over the years, fine, depends how things go and what we are doing with our lives.”
Mr. Thomas Jackson released equity in May 2022.