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Many of us are reluctant to contemplate a move from the family home into residential care.
But if your health starts to deteriorate, or even if you’re just finding it harder than you thought to cope with everyday tasks as time goes on, then a lifetime mortgage may free up the tax-free funds you need to get the help you need that will let you stay in your home for much longer. Remember that taking out a lifetime mortgage may mean that you lose your entitlement to some state benefits.
When you speak to a specialist lifetime mortgage adviser, you’ll be asked what your expectations are and what you’d like to do with the funds being released from your home. Your adviser will also get you to double-check that there aren’t savings or investments you could use first, which may be more appropriate. And your specialist advisers may also be able to help you find out if there are other funding or local grants that could help you stay in your home for longer.
However, if you’re confident that you’ve exhausted all the alternatives and you’d still like to explore a lifetime mortgage as being a practical option for your situation, your adviser will be happy to help.
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