Selling your home
If you are single or widowed, in need of residential care and own your own home, it is also inevitable that you will have to fund your own care from capital. For many people, this may result in having to sell your home.
Whilst some people will be able to access alternatives such as renting out the property of entering into a Deferred Payment Arrangement with the Local Authority, these options are not available to everyone.
It may be that you have additional monies above the Upper Capital Threshold (£23,250 2021-2022) so you are unable to enter into a Deferred Payment Arrangement, or indeed your family would not be able to deal with the additional burden of letting your property and overseeing this as landlords. Many people ultimately reach the decision that it would be best to sell the property and to either invest the proceeds to pay the fees or indeed purchase an Immediate Needs Annuity.
If you are considering this option, please contact us to ensure that you have explored all options.
Mortgages on and Equity Released from your home will be secured against it.
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