Sixth-form study supervisor Anaya Patel*, 61, was struggling with the cost of living once she’d paid her bills and mortgage each month.

She spoke to Age Partnership to see what her options were but was first advised to see if she could extend her mortgage, which would have lowered her monthly payments.

When her lender refused she went back to the broker, who arranged for her to use equity release to pay off the mortgage, as well as some other unsecured loans.

She released £19,000 on her £160,000 3-bed semi in, Northern Ireland, with lender Aviva, which meant she was able to consolidate her debts and no longer had to make any repayments, including her £300 monthly mortgage payment.

Ananya, who has two daughters and has worked in various roles at the same school for 18 years, said: “ I only had £6,000 left on my mortgage but I had about £10,000 owing on a couple of credit cards and a car loan. I was working but not making ends meet because I wanted to pay down my debts as well. Equity release has allowed me to pay off all my debts, which has been amazing.

“I’d always managed money very well but built up a bit of debt going on holiday each year to America to see my brother. They weren’t cheap holidays but I’d been diagnosed with breast cancer when I was 50 and was determined to make the most of life, believing I may not have been here in another ten years.

“I just wasn’t thinking I’d still be around. I’m glad to say I was wrong. The treatment worked and I’m fine now but I started to reflect last year on how, each month after payday, there wasn’t much left once I’d made all the payments I needed to make. It was an uncomfortable amount of debt for me, even though it wouldn’t be for most people. I had no money left to live on. I was in this terrible cycle, always playing catch up. I thought ‘how on earth did I let myself get into this position?’.

“I think I Googled something and equity release popped up, so I thought I’d look into it. I called a company called Age Partnership and ended up speaking to a lovely adviser called Stephen. The biggest thing for me was his impartiality. That’s what impressed me. He didn’t try to sell me a lifetime mortgage at all at first.

“He told me straight away that I should see if I can extend my mortgage instead, as it would have been cheaper. But my lender turned me down, partly because they couldn’t be sure how much I was going to receive in pension payments. Stephen’s only other suggestion was to sell the house but it has been in my family since my parents bought it in 1963 and has huge sentimental value. I’ve also spent tens of thousands of pounds on it, getting it just the way I want it. The other problem was that prices have been rising everywhere and I wouldn’t have been able to buy what I needed in a location I liked.

“I was actually really upset that I couldn’t extend my mortgage but, once I started the equity release application, everything was so straight forward. The whole process, from the initial enquiry and Stephen sending me off to look at solutions I hadn’t thought about, was so smooth. You are walked and talked through every stage. They make sure you’re thinking of all the other alternatives. I never, at any time, thought it was a hard sell.

“I’ve been very lucky. I’m not in the terrible position that some people are in of not being able to put petrol in the car and food on the table, and it’s all because of equity release.

“Although my daughters are doing very well for themselves and wouldn’t need any inheritance from me, I do have the option of making interest payments to protect a little sum for them. I’ll probably do this but the chances are there will still be a substantial legacy for my daughters even if I don’t.

“I’m a huge advocate for equity release. Ultimately it’s your money and there’s no point struggling on in a valuable home without being able to enjoy a decent quality of life. A friend of mine in her 70s keeps telling me she can’t afford to live any longer but she lives in a valuable house and her children don’t need any inheritance from her. She’s exactly the sort of person who should consider it.

“I’m going to treat myself to a new laptop and a holiday but there’s not much else I need. A big thing for me was being able to book a private medical appointment with a consultant for a knee complaint. I wouldn’t have been able to do that before. To have the choice and freedom to do those things when they’re important, to have that security, gives me a lot of peace of mind.”

The name of the customer has been changes and the picture is posed by a model.