Using property to fund long-term care

You can choose to make repayments and keep living at home. If you move into a care home, or die, you or your executors will need to repay the amount you borrowed plus interest. Usually you need to be over 55 to be considered for equity release. 

You can take the equity in three ways: 

• A lump sum
• Smaller amounts which you can take as and when you need to, or as a regular income, known as a drawdown.
• A combination of lump sum and smaller amounts.  

While equity release or selling property could be an option to free up the money needed, many will view this as a last resort. It could mean selling a much-loved family home full of memories, reduce the inheritance you leave to your family and/or impact your options if you need long-term residential care in the future. Discussing this possibility early with everyone in the family can mean that you anticipate costs, and start to save or invest appropriately, or buy the right kind of financial protection. 

If you’re considering equity release, always take financial advice. Lifetime mortgage or equity release is a loan secured against your home. There is an initial loan amount and the loan is usually repaid with compound interest when the last borrower dies or moves into long-term care. Taking an equity release loan on your home may also affect your means-tested benefits. An arrangement fee will apply. To understand the features and risks associated with such products, please ask for a personalised illustration. 

Equity Release is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. 

We also offer a care concierge service, that can help find the right care – both domiciliary and residential – for you or your loved ones. 

Please note, the Care Concierge service involves the referral to Karehero which is separate and distinct to the services offered by St. James's Place.