Equity Release Allows Retired Homeowners To Remain In Their Homes
A recent report by equity release trade body Safe Home Income Plans (SHIP) stated that the cost of moving into a residential care home is five times that of receiving care at home. Whilst the cost of care is soaring, equity release could provide a solution for older homeowners.
Funding Elderly Care with Equity Release
The average annual cost of residential care is stated in the report at £32,000 whilst the average annual cost of providing care at home is £6,846. With the average pensioner receiving an income of around £13,000 both options are expensive, however, equity release is a means of funding domiciliary care that allows retired homeowners to remain in their homes rather than move into residential care.
Equity Release through Age Partnership
Commenting on the report Tim Loy, Chief Executive of Age Partnership said, “We welcome the SHIP report, which in our view suggests that equity release will increasingly be used to fund care at home, which many consumers see as a preferable alternative to moving into residential care”
Contact Age Partnership for advice on how you could benefit from equity release when considering care at home during your retirement years.
For no-obligation advice on whether equity release could help you and information on the best plans please call our 24 hour helpline and speak to one of our advisors:
Or use the comments box below to ask a question.
Equity Release may involve a Lifetime Mortgage or Home Reversion Plan. To understand the features and risks ask for a personalised illustration.
Age Partnership provides initial advice at no cost and without obligation. Only if you choose to proceed and your equity release case completes would a typical fee of 1.5% of the amount released or £795 be payable.
Important things to consider about equity release:
- Equity release could affect your current or future entitlement to means-tested benefits
- Releasing equity to spend in your lifetime can reduce the amount that is left in your estate when you pass away
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