It is unfair that many people feel pressured into selling their homes in order to pay for costly elderly care, it has been claimed.
The comments could inspire a number of homeowners to use an equity release scheme to release some of the value of their home in order to meet their care costs.
In an interview with the BBC, Tobias Ellwood, a Conservative candidate in the popular retirement haven of east Bournemouth, Dorset, said his party would "guarantee" care services through a new insurance scheme, which would cost £8,000.
"We are putting forward an insurance scheme so pensioners can pay £8,000 which will be match-funded by the government which would pay for their care," he told the news provider.
"People who have worked hard should not be used as a cash cow. The current system discourages people from saving and if you have no funds yourself you have to be supported by the state system much sooner."
Homeowners who are curious about how much cash they could generate from the value of their property assets can find out by using Key Retirement Solutions‘ equity release calculator.
Posted by Claire Ford
