Equity release is set to play a key role in financial advice and care fees planning for the over 65s, according to care advice firm Symponia.
The company says more and more people are opting to stay in their own homes when they need formal care, which can prove more expensive, and expects the rise of the equity release market to help customers.
Janet Davies, Symponia’s managing director, says: “Care fees planning will always be at the core of our activities, but as more and more people are choosing to stay in their own homes when they need formal care, the domiciliary care market will increase significantly as a result. Sadly, care at home costs as much – if not more – than care home fees. Many people don’t realise that being looked after in their own homes is an option, but by seeking advice of an holistic nature, looking at both care fees planning and the implications of equity release, people will have a greater level of choice.”
Equity release can play a part in care fees planning and offers a way in which a person can release monies from their property through a lifetime mortgage or by selling all or part of the property in exchange for a regular income or a lump sum using a home reversion plan.
Set up by husband and wife team, Jeremy & Janet Davies, Symponia is very much a family company formed on an overriding foundation of traditional values and the real wish to help people at, what can be, a very difficult and highly emotional time.
Long term care insurance: News update: July 2007