Paying for elderly care is quite costly. Reports keep increasing of most elderly who have had to sell their homes in order to afford long term care, including residential care. Many elderly people have been asked to sell their homes in order to afford care costs and many have done so. There are other ways of using your home to pay for elderly care, without having to sell it. Finances can be raised from ones home easily to cater for the much needed and costly long term care.
1. Releasing Equity to pay for elderly care:
One way of paying for elderly care using one’s home is through from the home to pay for care. This works when there is equity on ones home to be released. It is difficult to use one’s property when there is negative equity in one’s home.
2. Loans for the elderly to pay for care:
The local authority is also considering another method of using your home to pay for elderly long term care. Through this method, the elderly person is given a loan to pay for residential care. The loan will only be repaid to the local authority after the elderly person dies, through the sale of the deceased’s home.
3.The Partnership Care Plan Payment Option:
Another way of using your home to pay for long term care is through the partnership care plan payment option which is suitable to the elderly who are 80 years and older, single, divorced or widowed and who is the sole owner of their homes. The Care Plan payment option assists an elderly who do not have available cash to buy a care plan. The elderly person will get a loan against his home which shall be payable after the sale of their home. This means that the elderly person in need of long term care will not have to wait until the sale of their home to receive much needed care. Once the elderly person’s health improves, he or she will be able to return home. The amount borrowed by an elderly person under the care plan is based on his or her life expectancy.
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National Equity Release Pension Conference, Bath Street, Bakewell, Derbyshire, DE45 1BX.
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