Equity release to pay for care
Our clients were two brothers who had power of attorney over their mother’s affairs. The mother was in her mid-90s and had severe dementia. Her wish was for her to remain at home and for her sons to arrange to pay for her care at home.
After meeting with our clients, it was apparent that they needed to raise funds from their mother’s property to pay the ongoing costs for her care which were approximately £5,000 per month, which included live in carers and other household bills.
After a period of time, the mother’s savings had diminished and they were at risk of having to sell her property to pay for her care in a nursing home. The adviser explained the financial assistance that may be available, along with any legacy implications of using Equity Release.
We were able to find a lender to arrange a lifetime mortgage with a drawdown facility. This resulted in having the facilities to pay for her care and for the brothers to keep their mother at home which was her wish.
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*This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.