What happens if my partner or I need long-term care?

Your equity release plan will usually carry on unaffected if care is provided in your own home, or if one of you moves to a residential or nursing home. But if you both move into long-term care, the plan will usually come to an end and the property will have to be sold.

If your care is planned to take place in your own home then your equity release plan won’t be affected. In fact, equity release is used by some of our customers to pay for the care they need including professional care workers, equipment, stair-lifts and other home modifications.

If you have taken out the plan solely in your name and you move out of your home into long-term care, then your plan will come to an end. Your property will be sold and the equity release lender will receive the money owed to them from the proceeds of the sale.

But if your equity release plan is in joint names with your partner then they can continue to live in your home for the rest of their life, or until they move into long-term care themselves. At this point the plan comes to an end and your property is sold.