Equity Release could fund elderly parents’ care for 50% of adult children
Recent research from Liverpool Victoria (LV=) has revealed that releasing equity from a parents’ home could fund the cost of care for half of UK adult children.
LV= estimate that the average cost of caring for an elderly parent is £132,000, which is why so many would potentially use equity release to cover such high costs.
Based on average savings balances, adult children would be able to fund residential care home fees for just 17 weeks. As a result 50% of adult children surveyed said that their parents would release equity from their property to fund their care costs.
Get expert advice before deciding on equity release
Chief Executive of Age Partnership, Tim Loy said “Using equity release to fund home alterations and domiciliary care costs means that people can stay in their homes for longer. This is generally a better alternative to selling the property to fund care costs, however, it is important that expert equity release advice is sought before any decisions are made”.
To get expert advice, contact the equity release specialists at Age Partnership 24 hours a day on
08080 555 222.
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
Related posts:
