*Please note, customer names and details have been altered slightly to provide anonymity*

John, 73, and Susan, 71, are both retired and now have found themselves spending more time at home.

They like to entertain and have family and friends over often, and even look after the grandchildren for the occasional weekend a the time.

They bought their home 20 or so years ago, so Susan and John have decided to make some home improvements, including a new kitchen and bathroom where their existing ones have become a bit dated.

They both have state and private pensions, but they don't have a lump sum saved up to make these improvements. They didn't want to ask their children to help them; borrowing the money from them wasn't an option as they were already stretched paying for school fees and childcare.

Their financial adviser suggested they speak to an equity release specialist.

The equity release adviser spoke to them about a capital and interest lifetime mortgage.

This enabled them to get the lump sum they needed, whilst paying back the interest and some of the capital each year.

This meant that John and Susan would be able to enjoy the improvements to their home, whilst using their pension income to repay the loan and leave their family an inheritance.