Equity release is a popular way to pay for care, according to expert
Posted on 01 September 2011
Equity release can allow people to remain in their own house while helping those paying for care, according to one expert.
David Penny, of Invest Southwest, said that the cost of home care can be much lower than that of residential, meaning that many older adults prefer to stay in their own homes.
In this way, equity release can be a long-term saving as funds are released to provide for care costs.
"If funds run out, or the individual's health suffers to the extent that residential care is then needed, the loan is simply cleared as a part of the house sale process. In this way, the client secures a longer time in their own home," explained Mr Penny.
This follows comments from founder of Barchester Healthcare Mike Parsons, who said that most residential care is of a good standard, having improved significantly during recent years.
Posted by Natalie Edwards