Equity release adviser Key Retirement has signed a deal with live-in care provider Elder to help advisers help retired clients use their home to afford residential care.
Key Retirement says that through lifetime mortgages with Elder, advisers will be able to offer new options for older clients wanting to remain in their home.
Key Retirement’s advisers will be able to offer a live-in care funding plan to customers as a result of the deal. The firm cites estimates that around 50,000 pensioners sold their homes last year to pay for care, but only 3 per cent say they would want to move into a care home.
Key Retirement chief product officer Dean Mirfin says: “For far too long live-in care has been for the wealthy even though millions of pensioners with equity tied up in their homes could fund live-in care through equity release.
“We are pleased to be working with Elder to provide expert advice to enable older homeowners to receive valuable live-in-care at home.”