Equity release and dementia
in Over 50s MoneySaving
5 replies 333 views
Would a individual with a diagnosis of Alzheimer’s dementia be able/eligible to do equity release to release funds from their mortgage free home, in order to enable them to stay living in their home whilst they are still able and safe to do so?
Latest MSE News and Guides
British Gas prepay meter users...
...to pay less for gas from 1 AprilMSE News
The 'odd Easter flavours' thread 2023
What bizarre food stuffs have you spied?MSE Forum
Energy Price Guarantee calculator
How much you'll likely pay from AprilMSE Tools
Otherwise she may need a solicitor to agree she has mental capacity to make decisions
Search some equity companies and read there t&C's .
If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.
My Diary Link My Frugal Year 2023 My Frugal Year 2023 — MoneySavingExpert Forum
Make £2023 in 2023. £3.16/£2023 Make £2023 in 2023 — MoneySavingExpert Forum
Compers Challenge 2023 0 Wins Compers challenge 2023! — MoneySavingExpert Forum
You can release equity under an LPA, as long as they are for the direct benefit of the donor.The lender will require sight of the LPA and a letter from a healthcare professional.
Ensure all benefits are being claimed, including PIP or Attendance Allowance, check eligibility on entitled.to
Request a Continuing Care assessment from your local authority before releasing equity, to ensure you don't cross a savings threshold that would reduce any support.
Releasing equity will reduce the estate and capital available if the borrower moves into permanent care, but the erosion is relative to life expectancy.
You'd be looking at a Lifetime Mortgage, which are now transparent and heavily regulated, unlike the previous plans which were not fit for purpose.
Hope this helps.
Ride hard or stay home :iloveyou: