Equity Release Plans can be used to fund long term care for the elderly. Select one of the product types below for an explanation of how these plans work and what they offer. Links to product profiles for UK long term care plans which are investment based are shown in the right hand side.
The default financing option for those looking to raise capital is to sell the family home. A logical step for many, it is not without its critics who point out the potential injustice of a "forced" sale in distressed circumstances. 70,000 homes a year are sold to pay care home fees. Home sales are often the most practical solution. By that stage in life, younger family members are typically firmly established in their own right with their own homes and lives.
Other property options to extract the requisite income without selling include renting and equity release schemes, though the latter need to be treated with particular caution as the costs of raising funds can be high.
We also provide advice on "When not to buy an equity release plan".
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