Paying for care
People often mistakenly believe that a home must be sold, in order to pay for long term care in a residential or nursing home. That is not always the case. In fact, more and more people in need of practical social support, are choosing to stay in their own home and pay for their care privately, by releasing equity with careful planning.
Family, attorneys, or deputies appointed by the Court of Protection are often involved in decision-making. Working together closely, we can help you secure the funds needed to support a person’s care, by using Equity Release. This may be for domiciliary care received at home, or in some cases; care in a residential or nursing home. We will discuss the various options with you, which typically are;
- Taking regular sums from a Lifetime Mortgage Drawdown plan, meeting care fees and household costs as they arise.
- Establishing a monthly tax-free ‘income’ from a Lifetime Mortgage Income plan.
- Taking a one-off lump sum, to manage care costs and other bills. The money may possibly be used to purchase a ‘Care Fees Plan’ (also referred to as an Immediate Needs Annuity), thereby ensuring care costs can be met indefinitely. We do not advise on these plans but can refer you to trusted SOLLA (Society of Later Life Advisers) accredited advisers if appropriate.
The specialism of Laterliving now is in Equity Release, but it may not always be the best or only way of meeting care fees. There could be help available from your Local Authority in the form of Direct Payments for home-care, or possibly a Deferred Payments Agreement for residential or nursing care. Certain state benefits may be claimed also, such as Attendance Allowance, and in some circumstances, you may qualify for free NHS Continuing Health Care.
If we have been recommended to you by another professional adviser who covers these important areas, then you will already be in good hands. But if you have not looked into these potential alternatives to Equity Release, we can signpost you to SOLLA accredited advisers that can help you explore them fully. Please contact us now!