Equity Release to Fund Long-Term Care for a Spouse in Surrey
£140,000 · Lifetime · 5.95% fixed for life (MER). A couple in their mid-seventies in Surrey needed to fund private residential care for one spouse following a dementia diagnosis.
The Client
Couple
The Challenge
A couple in their mid-seventies in Surrey needed to fund private residential care for one spouse following a dementia diagnosis. The state support threshold meant most of the care costs would be self-funded. Their home - worth £430,000 and mortgage-free - was their primary asset. The other spouse wished to remain at home.
Our Solution
Doulton arranged a lifetime mortgage allowing one spouse to remain in the property while releasing equity to fund care. The Equity Release Council member lender confirmed the resident spouse's right to remain in the property for life. The care cost calculations were prepared with the family's financial adviser.
The Outcome
Care costs funded from equity release. Resident spouse able to remain at home throughout. Family avoided the distress of a forced property sale. Independent legal and financial advice confirmed throughout. Key highlights: Resident spouse's right to remain confirmed - ERC member lender; Care costs funded without forced property sale; Family distress avoided - all independent advice in place.