Share
Helping the elderly stay in their homes
The debate in government and the press during recent months over the funding of long term care brought up many familiar themes. Will the council take my house? What about my savings?
These familiar questions often need answering at a difficult time for elderly people and their families.
The lack of sales success in the pre-funded care market means most people are now forced to look at the problem when their need is imminent which adds further difficulty at what is already a stressful time.
Less visible but equally important is the improvement in home care which many providers see as an alternative to residential care. The government finds this approach acceptable as costs are kept down.
It’s is also palatable to clients who would usually prefer to stay in their homes for as long as possible. What is often not realised is the role that equity release can play in these circumstances, and this market will undoubtedly be one that grows.
Equity release plans have always been about keeping people in their own homes. In fact, residence is a condition of most of the mortgages granted.
What better way of helping older people to enjoy their remaining years in the place with which they are most familiar?
JON KING
MANAGING DIRECTOR
HODGE LIFETIME
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
