wiltc  
   
   

Funding for Long Term Care and Insurance

If your estate (including you home if a qualifying person is still not living there) exceeds a mere £21,500 in England and N. Ireland, £22,000 in Wales or £21,750 in Scotland (2007/8) or you want a better quality of care than provided by your Local Authority you or your family will need to pay for it. Buying Insurance ensures that your funding will not stop no matter how long you need care for.

Even if you feel you do not have sufficient free capital to buy such Long Term Care Insurance and have a home to sell we have negotiated a deal with one of only specialist companies who can help lend you the money by way of bridging loans and/or relieve you of  the burden of selling it  at little more than the costs you would otherwise ordinarily incur, such as estate agents fees/ and solicitors.

Their services also relieve you of the need to:

  • Liaise with estate agents and solicitors –as they do this and appoint the best one for you.
  • Make improvements to the home should it be necessary to obtain the best possible price- as they can suggest and appoint on your behalf a local gardener/ handyman.

If you would like further details of this scheme then please click the following enquiry button.

On the other hand, should you not want to sell your home because your spouse still lives there, it may still be possible to finance such insurance by releasing some equity from your home.

Specialist Equity Release schemes are designed to allow you to release a lump sum or income whilst you or your spouse stays living in your own home and do not require any monthly repayments. Instead the interest due on the loan is accumulated and loan and interest becomes repayable on your death or when you decide to sell the property or need to go into Long Term Care.

Whilst the equity released and interest accrued will reduce the amount of money your beneficiaries would otherwise receive upon your death, it will:
  • Enable you to afford to pay for the quality of care you would like possibly for your spouse or partner.
  • Reduce, or possibly even prevent, your heirs having to pay as much Inheritance Tax as they may have otherwise been liable for. Whilst we would not advocate taking equity release simply for this purpose, as the interest accrued could amount to more than the tax saved, equity released for long term care would inevitable reduce the remaining estate and therefore also reduce or eliminate any tax due.
Such Equity Release schemes are becoming an increasingly popular way of funding for Long Term Care. However, Equity Release Schemes are not suitable for everyone. You should contact us for full advice so that we can review your circumstances and provide advice on whether Equity Release is suitable for you. To find out more about these schemes click on one of the following links to go through to our specialist equity release site www.uk-equity-release-centre.co.uk

 

Advice on Care
8a Richfield Avenue,
Reading
RG1 8EQ

tel: 0118 9585571

fax: 0118 9588431

e-mail:
enquiries@adviceoncare.co.uk

Principal:
Keith Hargraves
Advice on Care is a trading style of Advice on Money which is an appointed representative of Sesame Ltd, which is authorised and regulated by the Financial Services Authority. Sesame is entered on the FSA register (www.fsa.gov.uk/register) under reference 150427.

Please read our Privacy Statement before sending any enquiry form or e-mail to us.

The information contained in this web site is for general information only and is not financial, investment or tax advice. It is also subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. If you would like to discuss a particular issue or generally ask us how we can advise on your particular situation then please contact us.

For researching and arranging the best equity release scheme for you, we will make a charge. This can be paid either by you as a fee, usually 2.25% charged on completion with any commission received from the lender refunded to you, or a combination of fee and commission, usually 1.25% fee charged on completion and 1% commission received from the provider.

“Equity release” includes home reversions plans and lifetime mortgages.

To understand the features and risks, ask for a personalised illustration