As the population of over 65’s increase, so does the worry about paying for long-term care. Some think that equity release is the answer to this, as it may cover the costs of long-term care.
It is estimated that by the year 2031, there will be 5.5million people who are over 65 and 2.3million over age 80, which is the fastest growing group in the population. It is thought that if there is more options available for equity release products it may work better.
Our view
Using equity release as a means of funding care is not the greatest way to raise capital for equity release as the capital may not be enough and the fees may be too great. You need to take specific advice from experts like us.