Live In Care Plan

The Care Organisation has partnered up with independent equity release specialists Age Partnership to offer a unique the live-in care plan funding.

This gives you the chance to unlock some of the money from your home without having to sell or move out. The live-in care plan finding is a lifetime mortgage – the most popular form of equity release – and could help you to meet care costs without it becoming a financial burden.

The amount that you are able to release varies depend on a number of factors, including your age, property value and health.

Your live-in care plan fund may be able to cover all of your care costs, or it may provide a welcome contribution.

You may also have the option of releasing money in stages, allowing you to take smaller sums over time as and when required to help meet care costs. This is known as a drawdown plan.

• You remain the owner of your home, and have the right to stay there for the rest of your life.
• There are typically no monthly repayments, as the loan, plus roll up interest, is repaid when the plan comes to an end.
• You will never owe more than the value of your home, as you are protected against negative equity.
• Some plans will allow you to guarantee a level of inheritance from your property.
• Age Partnership will provide advice from a local adviser in the comfort of your own home.
• A lifetime mortgage is secured against your home.
• An equity release plan will reduce the value of your estate and may affect your entitlement to means-tested benefits.
• Although a timescale cannot be guaranteed, it typically takes 8-12 weeks from application to completion.
• Unless you decided to go ahead, Age Partnership’s service is completely free of charge, as their typical advice fee of 1.95% of the amount released would only be payable on completion of a plan.

A dedicated adviser will discuss the options with you. If you wish to continue with the process, they will then search the whole market to find the most suitable plan for you and present their recommendation. You will then have the chance to ask any questions you have before deciding whether to proceed. If you do, the paperwork will be submitted and your property will be valued by an independent surveyor.

The provider will issue an offer including full terms and conditions of your plan for your approval.

Independent solicitors acting on your behalf will cover the legal aspects.

Although a timescale cannot be guaranteed, this is the typical time it takes from application to completion.

The money is now available to fund your home care plan.