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Care Home Fees and Equity Release

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  • Care Home Fees and Equity Release

    A & B are married and own their own home which is their only asset; they have no savings. A is B's carer. B has a progressive, disabling condition, for which there is no cure. B will need lifetime care which will become more and more demanding. A is finding it difficult now and worries that A needs to go into residential care. If they take Equity Release on their home and give the money to their children, will the local authority refuse to pay for B's care as they have deprived themselves of capital?
    Tags: None

  • #2
    I understand that the value of the home will not be taken into account when means testing if the spouse A continues living there,
    So no need to look to equity release

    Couple of useful explanatory websites:
    https://www.moneyhelper.org.uk/en/fa...-how-they-work
    https://www.ageuk.org.uk/globalasset...l_care_fcs.pdf

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