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

Louise and Paul are both still working and are in their early 60s.

They live in a semi-detached property in Buckinghamshire worth £320,000, with an outstanding mortgage of £50,000.

They've started receiving letters from their bank telling them that their mortgage would expire in the next 12 months and asked them how they intended to repay the outstanding money.

Louise and Paul became worried that their home would be repossessed if they couldn't raise the money to clear the mortgage amount.

Their existing mortgage provider was refusing to extend the mortgage term, and they were also turned down by other high-street banks, with their age being the most common issue. They sought help from a financial adviser who suggested they speak to an equity release qualified adviser to talk through their situation.

The adviser discussed the possibility of Louise and Paul downsizing but they loved the area in which they lived thanks to a great community and the fact it was convenient for their jobs.

With downsizing not an option, they started to explore an interest only lifetime mortgage.

This meant that they would release some money from their home and pay a fixed amount of interest each month, enabling them to pay the mortgage shortfall without having to move, and without any interest rolling-up against their property.