Money makeover is a new monthly series on the Adviser Points of View website in which various people at different life stages, seek financial advice from a financial adviser for the “first time”.

The sixth makeover this month involves Mr and Mrs Bush, aged 83 and 81, from Weybridge, Surrey. They decided to release equity from their home to carry out some home improvements and pay for care costs.

They had enough income to raise a standard mortgage, however due to their age it was difficult to obtain one. They also pay care home costs on a monthly basis and wanted a monetary arrangement where no monthly payments were required.

Mr and Mrs Bush sought financial and legal advice from City Finance Brokers before releasing equity from their home due to their financial situation: they wanted to assess the impact of the equity release funds on Mrs Bush’s care home charges and the ownership of the property (they are ‘tenants in common’).

“Our priority was for us to be able to make our retirement years as comfortable as possible for both of us.”

The couple thoroughly discussed the implications of taking out the equity release loan with their two sons, and what impact it’ll have on their estate.

Mr Bush said: “­­­­­­However, our priority was for us to be able to make our retirement years as comfortable as possible for both of us, therefore the end value of our estate was not important.

“Before we decided on the amount to release, we were provided with a number of illustrations showing our loan balance in 15 years – which was very helpful in making a decision regarding how much we were going to borrow.”

In the end, Mr and Mrs Bush decided to release £100,000 in order to make adaptions to their home.

Mr Bush said: “We’ve lived in this property for 15 years and never upgraded the place. With Colette using a wheelchair to move around – we need to make some significant changes to the property to allow her to move around.

“We want a new bathroom with a walk-in shower, open plan kitchen with specially designed kitchen units (so that Collette can use them from a wheelchair) and wider doors around the flat and balcony.”

Edited by Sabuhi Gard