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Symponia pilots homebuy scheme to fund LTC

Symponia is starting a pilot scheme aiming at helping elderly people sell their homes to fund immediate long-term care.

The LTC specialist is teaming up with EstateCare+, which buys homes in need of refurbishment, to pilot its scheme in three counties across the UK.

Trials will take place in Bedfordshire, Buckinghamshire and Hertfordshire, with a national launch planned for next year. Clients in need of immediate care will be given the option to have EstateCare+ buy their home outright or retain part of the profit once the property is developed and sold on.

Symponia co-managing director Janet Davies says she hopes the scheme will offer an alternative solution for people struggling to sell their home in the current market.

She says: “By working with EstateCare+, we can offer our client families a structured solution to funding their relatives’ care fees which can in certain circumstances overcome the stalled housing market. We are very excited about this development.”

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