How to Raise Money for Care Costs Without Selling Your Home

Category Financial Help for Seniors

How to Raise Money for Care Costs Without Selling Your Home

For many older adults in the UK, paying for long-term care can place a significant strain on personal finances. While selling a property is often seen as the main way to release funds, there are several alternatives that allow you to cover care costs without giving up your home.

This guide explores the most practical solutions available to self-funders, including financial products, benefits, and support mechanisms.

Why Look for Alternatives to Selling Your Home?

For most people, their home is their largest asset. Selling it outright may not be the most desirable option, especially if:

A spouse or relative continues to live in the property.
You want to preserve your home as part of an inheritance.
You prefer financial flexibility while remaining in your home.

Fortunately, there are strategies designed to help self-funders raise money for care without immediately selling property.

Find YOUR ideal care home NOW!

Alternatives to Selling Your Home

Option	How It Works	Main Advantages	Key Considerations
Equity Release	Unlocks cash from your property while you continue to live there.	Provides funds without moving; flexible income or lump sum.	Repayment when the property is sold; reduces inheritance.
Deferred Payment Agreement	Local authority pays for care, repaid later from the property value.	Delays selling the home; often lower upfront costs.	Interest and admin fees apply; subject to eligibility.
Immediate Needs Annuity	Lump sum purchase secures guaranteed lifetime income for care.	Predictable funding for care costs; tax-free if paid to provider.	Requires significant upfront payment; no refunds if lifespan is short.
Benefits	Non-means-tested benefits such as Attendance Allowance or PIP.	Extra income without affecting savings or property.	Eligibility depends on age and health needs.

Practical Steps for Self-Funders

Review eligibility for benefits – Even if you self-fund, you may qualify for Attendance Allowance (over State Pension age) or PIP (under State Pension age).
Explore financial products – Equity release, deferred payment agreements, and annuities can reduce immediate financial pressure.
Seek professional advice – An independent financial adviser can help assess which option best protects your assets and long-term needs.

FAQ – Raising Money for Care Without Selling Your Home

Can I fund care without selling my home?

Yes. Options include equity release, deferred payment agreements, annuities, and non-means-tested benefits.

What is the main benefit of equity release?

It allows you to unlock the value of your property while continuing to live in it.

How do deferred payment agreements work?

Your local authority pays for care upfront, and you repay them later, usually after your home is sold.

Is an immediate needs annuity worth considering?

Yes, if you want predictable lifetime payments for care. However, it requires an upfront lump sum.

Do benefits help self-funders?

Yes. Attendance Allowance and PIP provide extra support without considering your savings or property value.

Need help finding a care home?

Senior Home Plus offers free personalized guidance to help you find a care facility that suits your health needs, budget, and preferred location in the UK.

Call us at 0203 608 0055 to get expert assistance today.