We all hope to be able to remain in our homes for as long as possible but many older people find it difficult to continue living independently without support. If you are reluctant to move into residential care but do not have sufficient savings to fund adequate care at home then releasing equity from your property could be a good option for you.
Equity release allows you to free money that is tied up in your property. Anyone can apply for equity release as long as you are 55 or over and own their own home. For homeowners, who have little savings, it can be an effective form of borrowing as it allows you to release money while continuing to live in your own home. In most cases no repayment is due until after the property is sold and you can even protect a portion of the value to leave to loved ones. For your peace of mind, providers also offer a no negative equity.
In addition to paying for in-home care, equity release can also be used to pay for modifications to your home to make it suitable for your changing needs. Many people find climbing stairs difficult as they get older so you may wish to install a stair-lift. You could also benefit from handrails around your home, a walk-in shower or an en suite bathroom.
If you are suffering from a medical condition where treatment is not available through the NHS or waiting lists are very long you could also consider using equity release to fund private medical treatment.
To speak to an advisor, and find out more about how equity release could help you receive care and treatment in your later years while remaining in your home, call 0207 158 0881.
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