How a Lifetime Mortgage helped fund my Home Care Fees 

Lifetime mortgages are a highly regulated financial solution that can help individuals, especially older adults, access the capital locked up in their homes without having to sell or leave the property. It provides a way to release funds for various purposes, such as funding home care fees, as in the case of Mrs A. 
Mrs A was running out of funds to pay for her live-in carer and needed a secure solution to cover her care fees in the future.  
After exploring several different options, she consulted an independent equity release specialist, Prab Singh with 20 years of experience in the equity release industry, who recommended a lifetime mortgage as a suitable solution. 
Here is how Prab addressed her concerns... 
Security to stay in her home for life: The lifetime mortgage allowed Mrs A to stay in her property for the rest of her life. The repayment of the mortgage is only triggered when the last surviving borrower passes away or moves into a care home. 
Flexible repayment options: Mrs A wanted the flexibility to make repayments to prevent the interest from rolling up over time. The recommended lifetime mortgage allowed her to make repayments of up to 10% per annum. She could also choose to make interest-only repayments or decide not to make any repayments at all, giving her the freedom to fund future care costs without the risk of repossession. 
Knowledge of mortgage balance: Mrs A wanted to know how much the mortgage balance would increase if she made no payments. The lifetime mortgage Prab recommended offered a fixed interest rate for life, which allowed her to know the mortgage balance each year. 
Independent legal advice: Mrs A received independent legal advice before proceeding with the lifetime mortgage. This is a crucial step to ensure that the individual fully understands the implications and consequences of the financial decision. 
In addition to arranging the equity release mortgage, Prab referred Mrs A to a care fees specialist. 
Prab Singh 
After exploring a wide range of options, the care fees specialist recommended using the equity release cash to purchase a care fees annuity. 
The care annuity provided several benefits: 
Guaranteed income for life: The care annuity offered a guaranteed index-linked income for the rest of Mrs A's life, providing financial stability and peace of mind. 
Flexibility in changing circumstances: The annuity income would continue to be paid even if Mrs A's circumstances changed and she had to move into a care home. 
Tax-free income: The annuity income when paid to a registered care provider paid tax-free, maximising the funds available for care expenses. 
5 Star Review 
"Acting for my 95-year-old Aunt, I was looking for a means to raise funding for her long-term care. She was close to exhausting her liquid cash assets and needed to find some way to use the capital locked up in her home to finance the care. 
Prab looked at the range of products that might be available to help my aunt in this situation and found that most were not available to a person of her age. He eventually found an Equity Release/Lifetime mortgage product that addressed the problem."  
Posted by RM - 02/06/2023 
As you can see, Mrs A and her family were satisfied with the outcome and the service provided by Prab Singh. They felt that they were offered a safe, secure, and guaranteed solution to cover Mrs A's live-in care costs. 
If you are interested in exploring how equity release could help you or your loved ones with long-term care financing, call Prab Singh on 07966 060 535. 
Silver Wealth is a trading style of Mortgage Salad Limited, which is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register at under reference 566220. Registered in England and Wales No 5941708. Registered Address: 12 Trinity Close, Tunbridge Wells, Kent, TN2 3QP. 
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