Equity Release
If you own your own home, but do not qualify for either NHS Continuing funding or Local Authority funding of care and cannot raise sufficient funds in other ways, equity release could be a solution.
Equity release plans which allow home owners over certain ages to release TAX –FREE money from their own home without necessarily making any monthly repayments, can be a very useful way of raising funds to possibly :-
- Provide additional private carers at home
- Make urgent adaptations which perhaps you can’t get your Local Authority to provide or to do as fast as you would like.
- Allow you or your Power of Attorneys to buy an annuity (if you need to self-fund you care fees) and not have to sell your home immediately you enter a care home or even allow them to rent it out to lower any shortfall in care costs*
*Please note: This would not be an option normally available under most commercially available equity release schemes if you are the last person to need care. This is because such schemes would normally insist that entry into permanent care would require repayment of your plan and therefore wouldn’t be available to you once you had entered a care home. However as specialist Long Term Care Advisers we do have access to a specialist scheme offered by one of the country’s largest care fee annuity providers which would allow this, subject to criteria and property valuation.
Should you be interested in this option please contact us on 0800 970 4885 free of charge.
Equity Release Advice
Releasing equity via a standard commercially available equity release scheme is a specialist area of business and you should therefore contact an impartial equity release adviser in your own area. If you do not know one and would like to find one, you could try www.seek-er.co.uk or www.unbiased.co.uk.
“Equity release” includes both home reversion plans and lifetime mortgages. To understand the features and the risks, ask for a personalised illustration.