Equity Release to cover care costs.

Enagro

One of my neighbours is over 80. His wife has just died and he is not in very good health. He has carers three times a day to ensure that he gets up, eats and goes to bed. His family are considering care homes but these are more expensive than agency care at home and he does not want to leave home yet
Can anybody recommend a lender who would do equity release to cover care costs? The house is worth between £350k and £400k in a good area with good schools.
Any ideas please?

Errata

He may be eligible for funding for his homecare if he doesn't have much in the way of income or savings. Is he claiming Attendance Allowance?

SouthCoast

Age UK information guides and factsheets



http://www.ageuk.org.uk/publications/age-uk-information-guides-and-factsheets/

koexelek

I think most equity release lenders would do it, as you can generally use the money for what you like.

However, he must keep living in the house. If he moves out, the equity release will need to be repaid ( usually within 12 months)