Over one million families have sold their homes in the last five
years to meet the cost of paying for elderly care, a new report has
Pensioners faced with shrinking savings pots and swelling care
home costs have been selling their homes to make ends meet, as
residential care fees show no sign of subsiding. Costs have risen
by 9.3% in the past two years alone to an average of almost £30,000
per annum, more than double an average older person's savings.*
As traditional savings fall short of the increasing financial
demands of elderly care, an increasing number of retirees are
turning to their most common and valuable asset - property - to
cover costs. Indeed, more than a quarter of retired home owners are
already actively planning to use their home to fund their old
While using wealth tied up in housing to cover care costs can be
a savvy financial move, it's important to remember selling isn't
the only option. Equity release provides pensioners with an
alternative way to access the funds tied up in their home. Rather
than selling the family home, equity release creates the option to
use part of a home's worth without packing up and moving.
As economic circumstances tighten the belt on our available
capital, equity release can play a pivotal role in financial
planning and relief. Regular cash withdrawals can be made or loans
can be provided based on the value of the house, depending on what
best meets a customer's need. Equity release advisers will be able
to help find a solution that fulfils homeowners' financial
requirements, without the extra costs and stress that moving can
*Research from Prestige Nursing+Care
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