Using your property to pay for care
Equity release can offer a solution when you need to fund care but your money is tied up in property that you wish to keep.
This might apply if you are paying for live in care in your own home or your are in a care home and have a property that you wish to keep.
Equity release is a complex product with lots of options and there are risks to you, your property and your beneficiaries. It is important that you fully understand exactly the consequences of such a product before you proceed.
All money borrowed will need to be repaid at some point in the future plus interest. On most schemes interest is on a 'roll up' basis, which means that there are no payments due during the lifetime of the loan but you will end up paying further interest on interest payments. Taking out an equity release lifetime mortgage is likely to have a significant negative impact on your estate.
Although we are naturally cautious about recommending these schemes, there are many situations where they will allow you to have the care that you need in the location of your choice. We would be pleased to talk through the options and alternatives with you.