Later Life & Long-Term Care Fee Planning

Retirement Mortgage or Equity Release Advice

Our mortgage section covers the Lifetime Mortgages or Equity Release, in more detail.

How can it help with Care Planning

For many people, their home is their most valuable asset – and most of us hope to stay in that home for life. As we get older, it’s not uncommon to need a bit of extra help around the house, and over time, that support may grow into more formal care needs.

For lots of people, receiving care at home feels like the preferred option, rather than moving into a retirement property or care home – especially when staying in familiar surroundings brings comfort and independence.

A Retirement mortgage or Equity Release mortgage can provide funding secured against the property to support you staying at home. This can be used for a variety of purposes including:

  • Paying for private carers: You can hire professional help to assist with daily tasks or medical needs.
  • Home adaptations: Funds can cover the costs of home modifications, such as installing a downstairs bathroom, stairlift, or grab rails, to make your home safer and more accessible.

Why consider one?

If you or a loved one is thinking about entering full-time care or is already receiving care, an immediate care plan can offer financial security and stability.

The cost of the plan does depend on a few factors, including your age, health, how much income is needed, and whether you want the payments to increase each year.
You can also choose to include optional extras, such as:

  • Inflation-linked income – this helps your payments keep up with rising care fees.
  • Capital protection – this allows some of the lump sum to be returned to your family should you pass away earlier than expected.

Now, it’s a big decision, and not one to be rushed, as it’s not always the right fit for everyone; however, in the right situation, it can offer real peace of mind.

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How can we help

Our Financial and Equity Release adviser Doug, can look at the options available to you which include raising a tax free lump sum, a regular income or an initial lump sum with the option to drawdown further funds in the future as required to support ongoing costs.

He will work with you to consider the best option taking into consideration your ability to make monthly interest payments or potentially allowing the interest to roll up. He will also consider any impact this could have on benefits such as tax credit or council tax reduction.

Borrowing money will accrue interest and will reduce the value of your estate if you choose not to pay the monthly interest. This will mean less inheritance to your beneficiaries and you will also need to consider that the debt will be repaid in full if you move into permanent care.

Doug will provide you with friendly clear financial advice on the best options to support you with making informed decisions to help you with later life help support and care.

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What our customers say

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