As we get older our needs change. We may find we have less stability and some of us may even see our overall health in decline. Does that mean you (or your loved ones) need to leave your home and move into residential care? Not necessarily. What if you could receive care at home and utilise equity tied up in your home to fund this?

By the time we’re looking at making home alterations or paying for visiting carers, we may also be at a position where we’ve amassed a significant sum of equity in our homes. And when it comes to paying for care at home, it’s no cheap option. If you earn under £23,250, you may qualify for help from your local authority, but if not, you could be looking at funding costs of up to £83,200 a year to remain in your home while receiving care.

Moneyhelper* suggest the following estimates for at home care:

• £15,000 a year, for 14 hours of care a week. Based on the UK Homecare Association’s estimate of what councils should pay, as a minimum it’s £20.69 an hour. If you’re self-funding, you might pay more.
• If you need full-time care during the day, costs could be more than double the above.
• If you need carers to move in around the clock and you have complex needs, it could cost about £83,200 a year. In those circumstances, residential care is usually more cost-effective. If you don’t have complex needs, fees should be less – about £41,000-£65,000 a year.

Even if you only require a small amount of support at home, or perhaps none at all, you can also look to releasing funds from your home to finance adapting the home for your developing needs. For example, adding a downstairs bathroom, adding a ramp to the entrance of your home, or even adding supportive handles in and around the home. Either way, the funds locked up in your home could help to secure these necessities as you require them.

If you or someone you know is in need of funding care at home, or home adaptations and equity release may be a solution for you, get in touch with our team today for a no obligation chat.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.