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Minister Warns Elderly to Pay for their Own Care
25/01/2012
Paul Burstow has warned the elderly may well have to release equity in their properties in order to free up funds to pay for their own care arrangements. He states “plan and prepare earlier” and be aware of how they will be able to organise funds to pay for residential or home care for our later years in life.
The Right Equity Release offers completely independent advice on equity release plans. It is important that you are happy with your decision and so we encourage you to consult with family members to make sure you are fully aware of what The Right Equity Release is offering you.
Use our Equity Release calculator to find out how much you are eligible for.
Mr Burstow suggests that this idea of releasing funds from equity to cover care costs will “access various sources of wealth” that are being used to pay for care.
On the opposing side, critics are stating this is a disgrace and pensioners will be forced into using money they have carefully saved even though they have worked all their lives and paid taxes. Whereas those living a life on benefits will continue to live off the state even in old age.
The Right Equity Release offer professional guidance from fully qualified advisers, all having great experience in this market and a broad knowledge of the products available. We offer fully independent and regulated advice. Use our Equity Release Calculator to find out what how much tax-free money you could release in your property to help top up your retirement income, a holiday, help a family member or to help improve your current lifestyle.
Burstow is currently in talks with the Commons health select committee on how they will look to the future of the long-term care in England, but campaigners are demanding we see the end of 20,000 pensioners who have to sell their properties in order to pay for residential care.
Last July, economist Andrew Dilnot suggested we put a cap of £35,000 on how much pensioners have to contribute towards their care costs. Other ideas are to free up the equity in their homes or take out “disability-linked” pension schemes where some of the money will be used for care services.
Neil Duncan-Jordan of the National Pensioners’ Convention, states “There is a limit to the amount we can squeeze out of peoples pension income. If the money is being used for living as well as care, you’ve got serious problems.”
If you are a homeowner over the age of 55 who has money tied up in your own property, The Right Equity Release could be right for you. If you wish to retain the ownership of your home with the right to live in the property for the rest of your life then Equity Release can help you achieve this.
Use our Equity Release calculator to find out how much you are eligible for.
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