Release role for LTC cash
Share
Safe Home Income Plans claims the Personal Care at Home Bill will not go far enough and says equity release could play a role in plugging the funding gap.
Ship welcomes the measure but it warns the Government to look at alternative means of funding long-term care. Director general Andrea Rozario says: “It is encouraging the Government recognises the importance of keeping elderly and disabled people in their own homes. However, their pledge to help 400,000 people will not go far enough.”
Ship says a survey from the Department of Health shows half of men and two-thirds of women will need LTC at some point and the new initiative would only help a fraction of these people.
Rozario says: “There is £907bn tied up in retirees’ housing equity which could be used to ensure they stay in their homes.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
