Funding Care & Assistance: at Home

Many people later in life get to a stage where a little extra help with everyday living becomes a necessity.

Cooking, cleaning, doing the laundry, shopping, maintaining a garden and generally taking care of a home are all things that can eventually exceed capabilities.

There are various options to consider when this happens, such as moving in with younger family members or a more able friend; relocating to sheltered accommodation where help is on hand to assist with everyday living; or even moving into residential care.

However, as is often the case where someone has lived in their home for many years; the home where their children grew up and they shared many happy family memories, the thought of relocating is quite distressing, as is the thought of becoming a burden upon family or friends or losing independence.

In home care is therefore the option of choice for many and this could be anything from a visiting carer to a housekeeper. However, these services do not come cheaply, and for those just about covering their everyday outgoings with their state pension, the option is quite simply not viable.

If you or an older relative is in this situation, needing that bit of extra help around the home, imagine the difference it could make if it suddenly became affordable. Meals on wheels; a housekeeper; a gardener; someone to help with those odd jobs; a qualified carer: anyone who could help make things easier for you at home.

The good news is, if the home you are living in is yours, you could unlock some of the value built up in it, releasing cash to pay for ongoing support at home.

This is called Equity Release and providing the right type of plan is selected and independent specialist advice is taken, you will have the peace of mind of knowing you’ll be able to continue to stay in your home for life.

There are plans that allow you to draw regular amounts of money to pay for the care and assistance you need, in your own home: exactly where you want to stay.

For example, a flexible drawdown Lifetime Mortgage allows you to withdraw cash sums whenever you choose up to a specified number of years or until the reserve has been used up. They can keep you within the limits for means tested benefits and you only pay interest on the money taken, which is at a fixed rate.

Whether it’s a bit of extra help around the home, or fully fledged in home care that is needed, it is worth looking into Equity Release as a possible funding option.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.