Paying for your care

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Could your home help you pay for the cost of your care?

If you have decided that receiving care in your own home is the best solution for you or a loved one, the next question may be how to pay for that care.

Options could include local authority funding, NHS funding and self-funding (for example, if there are savings available).

If you need care, are aged over 60 and are a home owner, a lifetime mortgage could be another option.  It’s a loan that is secured against your home – a type of equity release – so that you can release some of the value in your property, whilst continuing to own and live in your home.

It’s not right for everyone – but if it’s the right solution for you, then it could make a big difference.

You could use the cash you release for a variety of things, including to pay for the cost of care.  There aren’t any monthly repayments to worry about.  Interest is charged on both the loan and any interest already owed, and added to the total amount that’s secured against your home.   That means that the total you owe can grow quickly, reducing the equity in your home and the value of any inheritance you may leave.  Both the loan and the interest are only repaid when you die or enter long-term care.

Could a lifetime mortgage help me?

To qualify for a lifetime mortgage with Legal & General you need to:

  • Be over 60 years old
  • Own a property worth at least £100,000 (or £150,000 for an ex-council property)

How much could I release?

For a quick idea of how much money you could release, please try our easy-to-use calculator

You don’t have to release all of the equity in your home in one go; with a lifetime mortgage you can unlock some of the cash tied up in your property as either a larger single amount or several smaller amounts that you can borrow when you need them, up to a pre-agreed total.

Getting advice and finding out more

It’s a big decision, and there are many factors to consider.    That’s why you can only get a lifetime mortgage through a specialist adviser.  They’ll ensure that you are eligible for the product, and will check if it’s a suitable solution for you.

If you don’t already have an adviser who is qualified to help you with lifetime mortgages, you can find one local to you on www.unbiased.co.uk or www.equityreleasecouncil.com

Alternatively, you can contact The Retirement Lending Advisers (TRLA).  They are a separate company to Legal & General with UK based specialists and won’t charge you an advice fee.  TRLA only advise on our Lifetime Mortgage products.

They will discuss the risks and benefits of our Lifetime Mortgage with you and, if you choose to include them, your family.

Call The Retirement Lending Advisers on <0800 915 4735>

Lines are open from 9am to 5pm, Monday to Friday.

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Useful links:

Request a guide about Legal & General lifetime mortgages >

The Money Advice Service >

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Request a Brochure