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‘There’s no place like home’ – how Equity Release can help you access long-term care at home

With increasing life expectancy and later life borrowing, many people in the UK are considering more options when it comes to aging gracefully – and comfortably – in their family home.

The thought of downsizing your home, using savings, or relying on local authority and state benefits to move into a care home can be distressing, especially when you are already content and comfortable within your current home.

Did you know that equity release can give you financial peace of mind and is a possible solution for staying in your own home? Equity release has the potential to pay for domiciliary care ensuring your physical and mental wellbeing is cared for when you need it most. If the thought of a care home is upsetting and you are reluctant to hand over the keys to your cherished family home, then equity release could be the financial solution for you.

Read on to discover more about the benefits of equity release for maintaining your independence and accessing long-term care at home.

Grandma and granddaughter watching TV together

Stay in your home

Equity release offers a level of flexibility that you may not have previously considered. The number one benefit of equity release is that it allows you to access money quickly without having to move out of your home.

There is an option to receive a tax-free cash lump sum, with nothing to repay until you pass away or decide to sell the property.

Many schemes offer you the flexibility of withdrawing smaller lump sums as and when required, which can help to keep costs down if you are healthy and your home is in good condition.

Fund long-term domiciliary care

For many aging individuals, home is where your heart is and the idea of giving that up for a cheaper, smaller property or care home accommodation can make you feel like your independence is slipping away. Thankfully, equity release can give you financial freedom and control over the support you receive.

Care at home is becoming an increasingly popular option for many families. With one-to-one personal care that is tailored to you and your specific needs, from once a week to live-in care provision, equity release can help you fund long-term domiciliary care and can help you stay in your home for longer.

Nurse talking to smiling elderly lady in her home

Pay for home modifications

Whether you are an elderly individual living independently and wish to continue living in the comfort of your home, or you’re a family member caring for an aging loved one, safety is a priority. In order to make your home as risk-free as possible and adapted to your mobility needs, home modifications are a prominent concern.

Equity release can provide you with the funds to install flooring modifications to prevent falls, home monitoring systems, assistive seating devices, as well as widened doorways and ramp installation. Whatever health concerns you may have, equity release can help to safeguard your future.

Things to consider

Now that you know the benefits, there are a few things to consider before opting for equity release.

To qualify, you need to be a UK homeowner who is aged 55 years or over, and own a property worth at least £70,000.  There are also minimum loan amounts to consider, generally starting at £10,000.

It is also important to consider how equity release is affected by your age and the value of your property; the older you are and the greater the value of your home, the larger the sum that can be released.

To ensure you are making the right decision about later life borrowing, it’s important to seek the advice of a qualified financial adviser.

North East Equity Release can help you to review current schemes, offering tailored, expert advice to find the perfect deal for you. Get in touch to find out how we can help you age gracefully in the comfort of your home.