Seniors seeking ways to pay for care may benefit from equity release advice

Posted on 24 August 2011

People seeking ways to pay for care should look into equity release advice, according to one industry expert.

Dr Ros Altman, director-general at Saga, said that people who live in a house but have little or no other savings could utilise the value of their home to pay for care.

"If you don't want to or can't sell your home, then borrowing money against the value of the house via equity release would make sense," she elaborated.

The expert continued that this applied to anyone who does not have a large amount of savings or is covered by local authority or NHS funding for care.

Equity release could be a better idea than selling if the housing market is difficult or the property is in need of repairs.

The number of Brits opting for equity release could rise, as Justin Modray of candidmoney.com maintains that people are focusing on "trying not to drown in debt", meaning that saving is nothing more than a "pipe dream" for many Brits.

Posted by Nigel Murphy

 

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