Equity release: A case study

Susan Reavell and her husband Steven released cash from their home, read their story


Regular readers Susan Reavell and her husband Steven contacted Key after reading about equity release in Radio Times. Here Susan explains what happened next and how she and Steven came to trust the company recommended by Radio Times Money…


“We were approaching the end of our interest-only mortgage term and needed to pay it off. We had to find the money or simply sell the house. We’re settled in our home and love the location so moving would have been a last resort for us.

We booked an appointment with our local adviser to find out more about equity release. He was fantastic and talked us through everything. We were left to make a decision in our own time and discussed everything with our daughter. She was really supportive of our decision to release some of the money in our home and agreed we’d worked hard over the years and retirement is all about enjoying life.

Our adviser was  always at the end of the phone to help with questions and the paperwork. We received the money and paid off our outstanding mortgage which was such a huge relief. We now have that bit extra each month to spend on the little luxuries, such as treating the grandchildren and buying some new kitchen appliances.

Finally the financial pressure is off and we can enjoy our retirement.”

Ian Poyton, 68, and his wife Ann, 67, have lived in London for 40 years. In order to make the most of his later years, Ian took early retirement at 59.

Ian and Ann didn’t have large pensions and their finances were getting low, so equity release was something they had been considering. The trigger was when a house on their road sold for £280,000. “I thought I’m sitting on £280,000. I might as well use it!” says Ian.

“What made us do it was seeing a Key advert in Radio Times,” says Ian.

Downsizing and moving out of London wasn’t an option they wanted to consider. They also discussed their plans with their two daughters, who were fully supportive.

“Our adviser was absolutely brilliant, there was no pressure. He talked us through it and he was always available on the phone.”

The couple took out a drawdown lifetime mortgage, so they haven’t yet released the full amount available.

“With a drawdown plan we know that we have more money sitting there, if and when we want it. We’ve bought quite a few things to make our lives more comfortable.” The couple also have grandchildren ranging in age from four to 24 and some of the funds from the equity release will go towards helping them.

Ian and Ann live in London but spend lots of time travelling all over the country, pitching their tent as they go. “We go wherever we want to go, that’s the point! It’s about being relaxed and being able to get on with a comfortable retirement.”

Would Ian recommend equity release? “I would say: check your position, talk to your family and then contact Key Retirement. To have people that you feel you can trust makes a lot of difference.”

If you would like more information on equity release and how it could help you, then simply call freephone 0808 208 5406 to request a guide or to arrange your free no-obligation consultation.

Call freephone 0808 208 5406

Lines are open Mon-Thurs 9am–8pm, Fri 9am–5.30pm & Sat 9am–5pm.


Unless you decide to go ahead, Key’s service is completely free of charge as Key’s usual advice fee of 1.99 per cent of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £1,499.


If you are considering equity release we recommend that you read through Is equity release right for you?