Could Equity Release help with your Care Costs

20th March 2019

It’s good news! Nowadays we are all living longer. However, as we get older, we may find ourselves in need of daily assistance in our own home to be able to continue living there comfortably, rather than move to a care home.

Most people have invested a lifetime of love and memories into their homes and when they get older they want to remain living in the place they have made their emotional nest and physical place of comfort. However, the body fails and the mind drags and the ability to remain living independently in our own homes can become a challenge. Not only does the physical environment hinder us with stairs to climb, bath tubs to negotiate, and shelves to access which seem to have grown out of reach, but the mind forgets how to follow the daily tasks necessary for comfortable existence. The options may seem simple: move to a care home where you are looked after around the clock or stay in your own home and pay for daily help and home adaptations.

Easy to decide? Not really, as money is involved in both options and we do not all have access to the funds needed to keep us, or our family members living safely in their own homes. You could apply for funding from your local authority but if you do not meet the requirements of governmental help, you may not be able to afford essential domiciliary care costs and interior renovations, and this is where Equity Release may be able to help.

A Lifetime Mortgage, the most popular type of Equity Release, involves taking out a loan against your property, currently with low annual interest rates, and you can choose to make ad hoc payments over a period of time. Having access to some of the funds which are currently tied up in your property could enable you to finance domiciliary care in the home or make necessary adaptations to the house for example by installing:

  • ground floor toilet
  • stair lift
  • fitted handrails
  • ramps
  • showers

Furthermore, the money could be used to pay for domiciliary care and the comfort of knowing that someone will regularly visit you to help with medical care, daily chores and reassuringly provide a source of regular company and conversation.
You have worked hard to create a loving home and you have every right to want to remain living in your place of emotional comfort and connection for as long as you desire. By using the funds you could release through Equity Release this strong desire could become a real possibility for your future living arrangements. You will not need to use your wings to fly from your nest, rather you can ruffle your feathers in the comfort of knowing that you are still happily at home.

If you would like to access funds to provide a regular income to pay for care costs, or money to finance property adaptations, releasing some of the equity in your property may be a welcome solution. If you own your own home, are aged 55+ and live in the UK, then why not talk with Kevin Woods on 01489 454545, or contact to discuss your Equity Release options in confidence and without obligation or fees of any kind.

Your care, your home, your choice

Why not get in touch and see how we can help?

Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back

Providers include

Pure Retirement

Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.

Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed advice fee of £1,695 is only payable on completion of a plan.

A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.