‘We just want to see where the world takes us!’

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‘As I clinked glasses with my husband Richard before the start of yet another delicious dinner in our luxury hotel in Cancun, Mexico, I breathed a sigh of contentment. Here we were, on the trip of a lifetime, visiting somewhere we’d always wanted to go, but had never had the time or money to do so before. We’d managed to escape the British winter, and treat ourselves to a proper stint of rest and relaxation, while enjoying interacting with the locals and trying new food. The freedom to indulge ourselves was exhilarating; and we even started planning our next trip! But none of it would have been possible if we hadn’t done an equity release.

Richard and I have always loved to travel, and always used to take our kids Neil, now 43, Sam, now 40, and Kate, 35, on driving holidays around France. Sometimes we went to Spain, and once to America, but we always knew that one day we’d go further afield. Three years ago, in early 2011, it seemed like the perfect time to think about making these kinds of plans, as a few big events were coming up in our family. Firstly, our son Neil planned to get married to his American fiancée in her home state of Connecticut, which would be expensive to get to. Then, our youngest daughter Kate was due to finish her degree in midwifery and graduate, and deserved some much-needed time off; and finally our other daughter Sam was hoping to put down a deposit on a lovely flat in East London.

Choosing equity release

So Richard and I decided to capitalize on the equity in our home in Melksham, Wiltshire. That way, Neil could afford to fly the family out to the States for the wedding, Kate could take her husband and two young sons, 8 and 10, on a trip to Disneyland in Florida after not having a holiday for three years due to focusing on her studies; and Sam could move into the place of her dreams. Not to mention that Richard and I could start making some serious travel plans!

Finding a company

We did some research, and found a company called Key Retirement Solutions* who talked us thoroughly through the whole process. They sent round a valuer who took into account how much equity we’d built up in our home since buying it three years previously. From there, they made a calculation based on that; on how much it will continue to appreciate; and also on our ages (I’m 67, Richard’s 68). They were able to offer us £48,000, of which we decided to take £25,000, leaving some extra for if we needed it in the future. The best part was being able to give each of the children a nice cheque.

What we did next

Neil used some of his money to fly Richard, myself and Sam over to Connecticut for the wedding, and put us up in a lovely hotel. Kate was about to sit her final exams, so unfortunately she couldn’t join us. But the money also meant that Richard and I could spend a week or so before the wedding travelling round the area, visiting lovely little New England towns. I fell in love with the region; it’s full of quaint houses with white picket fences, picturesque churches, and streets lined with beautiful boutiques. The wedding itself was magnificent; our daughter-in-law Deborah’s parents own a huge property by a lake, and the ceremony was held in the gardens. I couldn’t have been prouder, seeing Neil say his vows to Deborah in such beautiful surroundings.

Soon afterwards, Kate graduated with a BSc, and celebrated by taking a trip with her family to Disneyland, and the boys also got some videogame equipment. And Sam was able to move into a lovely new flat in East London; previously she’d been in a big houseshare, so now she’s glad of having some more room to herself, as well as a garden.

Our future plans

As for us, we spent that winter in Cancun, and have since been to Egypt and on a Mediterranean cruise. Later this year we’re off to the Cape Verde islands, and next year I’d love to go to Japan! We’ll just see where the world takes us. We love trying new experiences and sampling local cuisine, so it’s exciting deciding where to go next. I’m limited slightly by the arthritis in my spine, so I might not end up, say, walking the Inca Trail, but I’m always keen to do as much as I am able.

As well as treating ourselves, it’s been lovely to help our children and grandchildren. Money’s only as good as what you do with it, and it’s great to be able to give some to the family while they too are young enough to enjoy it. They are all establishing themselves in their own careers, but it’s nice to have a bit extra. Life, after all, is for living.’

How to do your own equity release

If you feel equity release is something you should explore, the first step is to request a Guide To Equity Release to read at your leisure. The Guide includes definitions, figures, real life examples and ideas. If you decided to proceed, you can follow the detailed next steps included in the guide and you would be able to access your funds in just 4-8 weeks.

Call 0800 088 4376 to request your free Guide To Equity Release, produced in partnership between All About You and Responsible Equity Release

Words: Laura Millar; photography: Ruth and Richard Simmons, www.keyrs.co.uk