As a longtime local and real estate pro in Burnley, I’m dedicated to my town, its people, and helping them handle tricky situations like needing long-term care while owning property. Burnley, with its charming mills, Victorian homes, and growing economy, is a great place to put down your roots. If you’re thinking about selling your home in Burnley to pay for care, know that there may be other solutions. This guide, ‘Avoid Selling Your Burnley Home to Pay for Care – Financial Strategies for Long-term Care’, will lay out these options for you.
Before considering selling your home, look at some loan strategies such as equity release schemes. These let you take money from the worth of your home without selling it. Lifetime mortgages and home reversion plans are part of these schemes and can help fund your care.
Check what state benefits, local authority funding or NHS support you can get. You’ll need a care needs assessment and a means test to find out if you qualify. Depending on the results, the state could cover some of your costs or help in other ways.
Investment options like stocks, shares, or bonds may be something to consider. But do this with a financial advisor, since there are risks involved.
Another option is renting out your property. This brings steady income while you keep your home. Though, you would have to handle landlord duties such as repairs, tenant issues, and tax concerns.
You might also use insurance policies. Long-term Care Insurance can help pay for care that regular health insurance, Medicare, or Medicaid don’t cover.
One last idea is to prepare a plan in your will to cover care costs. Inheritance tax planning or trusts may also help with financial pressure. But do seek professional advice before trying this.
When considering these options, get professional financial advice. It’s crucial to understand how these affect your taxes, benefits, extra costs, and your family’s future before deciding on a plan.
To wrap up, selling your Burnley home to fund long-term care might seem like the only choice, but you have other options. These include equity release, government help, investment, earning rent, insurance policies, and inheritance planning. The best method depends on your situation and understanding the long-term impact. That’s why it’s important to get advice from financial advisors. So even though it’s tough to face the need for long-term care, there are options to ensure both your care and keeping the value of your Burnley home.