Equity Release Plymouth: Managing Care & Home Support Costs

As we get older, one of the biggest concerns for many families is how to fund long-term care. Whether it’s paying for in-home support or residential care, the costs can quickly add up. For homeowners over 55, equity release can provide a way to unlock tax-free cash from your property to help manage these expenses, without having to sell or move.

What is Equity Release?

Equity release allows you to access some of the money tied up in your home. The most common type is a lifetime mortgage, where you borrow against the value of your home. You remain the legal owner, and the loan (plus interest) is repaid when you pass away or move permanently into long-term care.

Why Consider Equity Release for Care Costs?

• Stay in Control – Use your property wealth to cover care costs without needing to sell.
• Tax-Free Cash – The money released is tax-free and can be used for any care-related needs.
• Flexible Access – Choose a lump sum or drawdown plan, releasing smaller amounts when needed.
• Relieve Family Pressure – Take the financial burden off loved ones.
• Future-Proof Your Care – Ensure you can afford quality support when you need it most.

How Equity Release Can Help with Care

• Pay for in-home carers to support independent living.
• Fund residential or nursing home costs.
• Cover adaptations to your property, such as stairlifts or accessible bathrooms.
• Pay for private medical treatment or specialist therapies.

Things to Consider

• Interest Roll-Up – Interest is added over time unless you choose to make voluntary payments.
• Impact on Inheritance – Equity release reduces the value you leave behind.
• Alternatives – State benefits, NHS support, or local authority funding may be available.
• Eligibility – Usually available if you’re 55+ and own a property that meets lender criteria.
• Specialist Advice – Always speak with both an equity release adviser and a long term care adviser.

Alternatives to Using Equity Release for Care

• Downsizing to release cash from your property.
• Using pensions, savings, or investments.
• Claiming care-related state support.

Is Equity Release the Right Option for Care Costs?

Equity release can provide peace of mind by ensuring funds are available for care needs, but it’s not right for everyone. Seeking professional advice is vital to weigh the pros and cons and explore all alternatives.

Key Takeaway

Equity release can be a valuable tool for homeowners aged 55+ looking to manage care costs with tax-free cash, allowing you to stay in control, support your independence, and access quality care. With the right planning, it can ease financial pressure for both you and your family.

If you’re considering equity release in Exeter, Plymouth, Torbay, Saltash or anywhere across Devon & Cornwall, contact a local broker today and take the first step toward unlocking the value of your home.

Alternatively follow the link below to the Equity Release web page at Stuart Ash Mortgage Services or at the Equity Release Council

Equity Release Advice – Stuart Ash – Mortgage Services

Stuart Ash – Equity Release Council

‘Your home may be repossessed if you do not keep up repayments on your mortgage’

A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate