As we age, our healthcare needs tend to become more complex and expensive. Our ability to work and earn a stable income may decline, leaving us struggling to pay for healthcare expenses. This can be particularly challenging for those who need long-term or specialised care. Why should looking after yourself stop just because you have got older? Did you know you may be able to skip the lines at the doctors and go private with your health care, funded by cash from your home?
Equity release allows those over the age of 55, who own a property, to release the equity tied up in it without having to sell their home. This is typically done through a lifetime mortgage which allows individuals to access the value of their home as a lump sum or regular income.
Using equity release to fund private healthcare can be a viable option for those who are struggling to pay for their healthcare expenses or simply wish to have that extra care and attention as you get older. Here are some ways in which equity release can be used to fund private healthcare:
Paying for private medical treatment
Equity release can provide individuals with the funds they need to pay for private medical treatment. This can include anything from minor surgeries to long-term care in a nursing home.
Home adaptations
As we age, it can become increasingly difficult to get around our homes. Equity release can be used to fund adaptations to the home, such as installing a stairlift or a walk-in shower, to make it easier to live at home and avoid expensive care homes.
Care home fees
If you do need to move into a care home but wish for any other owners to remain in the property, equity release can help cover the costs of care home fees and allow them to remain in the property at the same time. This can be particularly useful for those homeowners who have limited savings and do not qualify for state funding.
Paying for carers
Equity release can also be used to pay for professional carers to come into the home and provide assistance with daily tasks such as cooking, cleaning, and personal care.
Equity release can be a useful tool for those who need to fund private healthcare expenses. However, it is important to carefully consider the risks and drawbacks before making a decision. By speaking to a broker and researching the various equity release products available, you can make an informed decision about whether equity release is the right option for you.
This is a lifetime mortgage. To understand the features and risks, 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.