Savings – Equity release
Saving’s, equity release, investments and immediate care annuity.
Savings – Putting money each side over the years to pay for your care is a standard option and can be released slowly for the period that you need care. However, please read the below section detailing what support is available should your savings fall below the threshold.
There are 2 types of equity release available:
Lifetime Mortgage & Home revisions.
Both types of equity release allow you to stay in your home and release money from the property (either as a lump sum or a series of smaller amounts). It is vital that you seek expert advice to ensure that you make the right decision.
Lifetime Mortgage – You can take out a loan against your property and still own it. You do not normally have to make regular interest payments unless you choose to do so. The loan is usually repaid when the property is sold after the last remaining owner passes away
Or moves permanently into a care home
Home Revisions – You could update your property which could increase the value of the property which could enable you to increase the value of the property. Therefore, taking out the difference between what was paid for the property and the current market value.