Equity resale to pay for care,( the the person is already in a care home )

Gasacasa

Hello all, does anyone know of a possibility about an equity release or loan an against a property when the person is already in a care home. The property will be up but while waiting for the sale we need to raise fund to pay for the care home.

fwor

I doubt any equity release company will be interested if the house is in the process of being sold. If no other source of funds is available then you may have to consider a faster way to sell it (e.g. at auction).

Keep_pedalling

Are the local authority involved with the choice of care home or is this a totally private arrangement. If the former then it should be possible to obtain deferred payments. 

sourcrates

If its a council we are talking about, there is a deferred payment scheme you can access, the monthly charge continues to accrue whilst the person is in care, if they have a pension income or other benefits, some of that can be used to go towards the payments, otherwise the remainder is repaid when the person passes away, or the house is sold, whichever occurs first.

If its a private arrangement, I would strongly urge you to try and find council accommodation instead as with everything else that`s going on, you don`t need the added complication of care home fee`s.

Another thing to realise, is that in council care, if the money runs out before the person dies, they then become fully funded, with no more to pay, and can stay where they are, in private accommodation, that is not the case, fee`s would still be payable.

silvercar

I’ll move this to the mortgage board. @Gasacasa