by Devigo Digital

NewsMarch 25, 20260 comments

Funding Later Life Care with a Lifetime Mortgage

A growing number of adults are feeling anxious about how they’ll afford care in later life. A recent report by LV= revealed that 67% are worried about covering the cost of care, and 63% fear they’ll run out of money altogether. With the rising costs of medical and in-home support, and increasing pressure on public health services, it’s no surprise that this issue is top of mind for many.

A lifetime mortgage can allow homeowners, aged 55 and over, to unlock some of the value tied up in their property, without having to sell their home or move out. This money can be used however you choose, but for those concerned about care, it can provide a vital financial lifeline:
• Fund essential care costs – whether it’s for regular home care, medical equipment, or adapting your home to meet changing needs.
• Maintain independence – access support while continuing to live in the home you love.
• Relieve financial stress – enjoy greater peace of mind knowing you have the means to cover future needs.
• Improve quality of life – whether it’s covering care, upgrading living space, or even helping a partner or loved one, you can focus on what matters most.

For many, the goal in later life is to stay healthy, independent, and financially secure. A lifetime mortgage could help you do just that, without sacrificing the lifestyle or home you’ve worked hard for.

While a lifetime mortgage can be a valuable financial tool, it’s important to consider the potential risks associated with this option. Interest on the loan accumulates over time, often significantly reducing the equity in your home. This could impact the value of your estate or limit your ability to fund other financial needs in the future. Additionally, Early Repayment Charges can apply if you decide to settle the loan ahead of schedule, adding unforeseen costs. It’s also essential to ensure that you fully understand the terms and conditions, as these can vary between lenders and may affect your long-term financial flexibility.

Any Benefits received can be impacted by releasing a lump sum and it is important to make sure this will not put you in a worse position in the future. Seeking professional advice can help clarify whether this solution is the right fit for your circumstances.

To find out if a lifetime mortgage is right for you, get in touch today and start planning for later life care.