CareHome Costs, In-Home Care an Equity Release Loan Can Help With All

For many people who require in-home care, it usually comes as a shock. Some people have long-term illnesses that foreshadow the need to be looked after but for most of us, either as we start to just get older or we have an unexpected accident, we may not have set aside the money to pay for in-home care.

Can I Use Equity Release Money to Pay for Care?

Equity release can be used to pay for any care costs you might have. If you moved into full-time care, your equity release would need to be repaid, so your home would be sold to cover the cost.

Equity release lets you unlock cash tied up in your home to pay for unexpected costs, such as in-home care. It guarantees you the right to live at home as long as you need to.

Read on to see how equity release can quickly get you the money you need.

Looking for other information on Equity Release? This guide has info on 'Equity Release is perfect if you need additional money to pay for care' We have also writen extensively about:

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• - The main Equity release advantages and disadvantages

We update all our guides regularly. If you are researching Equity Release and we haven't got an exact guide that helps you, keep coming back as we update daily.

The Benefits of Equity Release in Paying for Care

Equity release schemes allow you to either sell your home to a lender through home reversion, or take out a lifetime mortgage, in order to free up a cash lump sum that you can then use to pay for your care services.

Whether it’s the cost of expensive equipment you need at home or just the payments for a care visitor who comes to help out on a regular basis, you can cover it with the money freed up through equity release.

The main benefit is that you’ll be guaranteed to be able to live in your home until you no longer need to. So as long as in-home care is the best option for you, you’ll be able to remain in your home without making immediate repayments on the loan.

Instead, it’s only when you either move into a care home for extensive, around-the-clock care or you pass away that your home will likely be sold, as that’s when the debt needs to be repaid.

Equity Release: If You Have a Fall or Become Unwell

So if you have a fall, or you become ill and need the help of a care visitor to look after you, then equity release can take away the stress of finding the money without impacting your immediate budget.

You’ll be able to fund the care support you need and your monthly outgoings won’t increase unless you choose a scheme that lets you repay the interest.

The downside is that your estate will decrease in value, as you’ll have sacrificed some of your equity in your home and you’ll have interest on the amount too, which will compound for the duration of your life.

So ultimately when you do go into full-time care home support or you pass away, the money you pass onto family will be lower. Yet for the sake of your comfort and care during your life this may be the best option for you.

If you want to know more about how equity release can support you during retirement, then keep reading our guides.

How Can Money Savings Advice Help You With Releasing Equity?

Here at Money Savings Advice, we have partnered with some of the UK’s leading Equity Release brokers. They have already helped thousands of people get the best Equity Release deal and they can do the same for you.

Choosing an independent adviser means they won’t recommend a scheme unless they are sure it is in your best interests. Their advice is also regulated by the FCA, which gives you an additional layer of protection.

If you would like to speak to one of these brokers who can provide you with a ‘whole market quote’ then click on the below and answer the very simple questions.