As you approach the ‘Golden Years’, are you considering whether to stay at home or move into care? Can you afford to do this without selling your home? Equity release for home improvements or aged care is a popular choice for many older homeowners as they look for ways to stay at home for longer and improve the quality of life in retirement.
For those over 55, equity release (or a lifetime mortgage) allows you to release equity from your home without monthly repayments. The debt, and its roll-up interest accrued, is paid with the sale of the house. With this in mind, it can affect the inheritance you leave. So, as you get ready for your older years, it’s important to weigh up the options if aged care or “ageing in place” is better for you.
As it’s a unique situation for each person, you’ll need a financial adviser to help. Are you looking for equity release? Let’s book you in for a call, and we can discuss all the finer details.
How can equity release help update your home?
Many older adults want to "age in place" by making their home more suitable for long-term living. For many, you’ll be able to fund renovations or adaptations to allow you to stay at home for as long as possible.
What common home improvements can be funded through equity release?
- Installing walk-in showers, stairlifts, ramps, or other modifications that make it easier to move around.
- More accessible and user-friendly spaces in your kitchens or bathrooms.
- Extending your home to make space for a live-in carer.
- Adding insulation, upgrading boilers, or installing solar panels can make the home more energy-efficient and reduce utility bills.
How is equity release used for aged care?
As we age, we may need extra help with daily activities. This could involve home care or residential care. However, going private can be expensive. Equity release allows you to access the money tied up in your property to fund aged care. This will ensure you can get the help you need without the need to sell your home.
What other ways does equity release help as you get older?
Equity release can also be used for non-NHS treatments that may not be covered by the public system. Like dental procedures, hearing aids, or private physiotherapy.
Always consult with a qualified equity release adviser who can provide independent, regulated advice about your options. Equally, make sure you explore alternatives like downsizing, applying for local government assistance for care, or tapping into other retirement savings to ensure you’re making the right financial decision.
Equity release can be a useful tool to help fund home adaptations or aged care, but like any financial decision, it requires careful consideration. If you’d like more detailed information or want help, feel free to ask! We are here to help you enjoy the golden years as best as possible!
SPEAK TO AN ADVISER
This is a lifetime mortgage. To understand the features and risks, please 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.