Costs of live-in care
There are various ways to meet the costs of live-in care. Below we have summarised how live-in care is often financed. Alternatively, you may be eligible for funding.
Savings and investments
You may have sufficient savings or enough income from pensions and investments to pay for the costs of live-in care. You may also wish to speak to a financial advisor to discuss improving the income you receive from your savings and investments to help pay more of the costs.
Equity release – lifetime mortgages and home reversion plans
Equity release can either be through a lifetime mortgage or a home reversion plan.
Lifetime mortgages are special types of loans, usually designed to run for the rest of your life. You continue to own your own home, and borrow money secured against its value to give you a lump sum now or a regular income. You don’t make mortgage repayments to the lender – the loan and accrued interest is repaid to the lender when you die or you move into a residential care home.
Home reversion plans involve the sale of all or part of your home to a reversion company in return for a cash sum or regular income and the right to live rent-free in your home for the rest of your life. After you die, the house is sold and the value of the proportion of your home that you have sold is paid to the reversion company.
Financial advice disclaimer
The information above summarises how live-in care is often financed. Agincare live-in care services are not authorised to provide investment or other financial advice and nothing on this page should be construed as such. We recommend you obtain independent financial advice from an adviser registered with the Financial Services Authority.