Financing Care in the Home
After a lifetime at work each of us hopes for a retirement that is both comfortable and independent. However, both age and illness can often reduce our ability to remain totally independent.
The establishment of high quality homecare support services that offer practical support or nursing care in the home, has made possible for both the aged and unwell, a means by which they can remain at home to receive proper care.
Today many people choose to receive practical support or nursing care at home. This homecare solution is called Domiciliary Care and is rapidly becoming a preferred option that has generated an increase in the number of domiciliary care agencies now available.
The Importance of Financial Advice
The complex and often bewildering array of documentation relating to the funding of care at home can and preferably should, be handled by a professional financial advisor in order to avoid stressful mistakes.
Funding care involves a mix of state benefits, local authority funding and personal contributions. A qualified financial advisor can make sense of these complexities and help find the right solution for your situation without too much difficulty.
Commonly you will be concerned with affording quality care, whilst preserving as much of your estate as possible for future use or to leave as an inheritance. It is vital that a suitably qualified financial advisor is appointed to look into all of the available options in order to avoid disappointment later.
How Bower Retirement Services can help you
In discussion with Bower Retirement Services (BRS), you will discover how Equity Release from the home can be used to fund care. BRS works closely with specialist advisers who are often accredited members of the Society of Later Life Advisers (SOLLA). Together we can help you make informed decisions about how best to use Equity Release either by:
- taking regular withdrawals of equity under a Drawdown Lifetime Mortgage that meets the care fees as they arise, or by;
- taking a lump sum Lifetime Mortgage to purchase an Immediate Needs Annuity or Care Fees Annuity that may cover care costs as long as necessary.
BRS can also refer customers to other specialist advisers in regards how best to use the released money. The advisers can also research other funding resources available from the local authority together with certain state benefits.
Equity Release may involve a lifetime mortgage or home reversion plan. To understand the features and risks ask for a personalised illustration.