Paying for care with equity release (or lifetime mortgage)

How does paying for care with equity release work?

If you or a loved one needs care and you’ve established that you will need to pay some or all of the costs yourself, this makes you a self-funder. There are 9 main ways to pay for your care, which I summarise in my video ‘Paying for care as a self-funder’.

In this video I will explain the third of those 9 options – equity release, often referred to as a lifetime mortgage.

When it comes to using equity release to pay for care, most schemes are designed for those who want to stay in their own home and receive domiciliary care, or where one spouse or partner needs residential care but the other continues to live at home. The money released can be used to pay directly for care fees, or to create an investment plan to help cover care fees.

My video about Paying for care with a Deferred Payment Scheme:    • Paying for care with a Deferred Payme...  

My video on Paying for care with rental income from your home: https://studio.youtube.com/video/mREz...

My video on paying for care as a self-funder:    • Paying for care as a self-funder  

My video on what happens if you run out of money when paying for care:    • What happens when you run out of mone...  

Thanks for checking out my YouTube channel - I’m Justin King and my aim is to help people to live successful lives.

If you enjoy this video, please press the like button to help more people like you find my channel.

If you're planning your retirement and want to make the best use of your wealth to provide for your family throughout retirement and beyond, or work out how best to pay for a loved one’s care, I may be able to help you.

As a Chartered Financial Planner at boutique retirement planning practice, MFP Wealth Management, I help successful people retire with complete financial confidence.

To explore whether I could help you, get in touch at https://www.mfpwealthmanagement.co.uk.

Connect with me: On Twitter:   / justinkingcfp  
On LinkedIn:   / justinking-online-retirement-planner-ifa  
Or check out my podcast: https://www.theretirementcafe.co.uk/

This video is for information and entertainment only. Nothing on this channel constitutes financial advice. Please do not make any decisions based on the contents of my videos; seek professional independent financial advice first!