CASE STUDY SIX - PAYING FOR CARE IN YOUR OWN HOME

Mr P came to Viva via his solicitor as he was at the point of needing care help. Mr P was faced with either going into a care home and paying for this, or working out how he would be able to afford care in his own home.

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Mr P was adamant that he wanted to remain in his home and ideally wanted care to come to him. For this he would need to adapt the downstairs of the property and pay for carers to visit daily.

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After an initial meeting with the solicitor and Mr P, Viva recommended that the client speak with the local authority to see what help might be available for adaptations to his home and towards the cost of care at home.

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The local authority conducted an assessment and fitted handrails to the property for the client. They would not be able to contribute to the adaptations, but would fund part of the care costs to look after Mr P.

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As the adaptation to fit in a bedroom and shower room downstairs did not require planning permission, the client was able to get going on his plans.

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Mr P had a property with a value of £500,000, with no mortgage, but did not really have any savings or investments at all. He did not want to move home and certainly did not want to move in with family.

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After involving the family and discounting all other possible alternatives, Viva were able to help the client take out an initial loan of £50,000 to pay for home adaptations and care costs for 12 months, with access to £200,000 for future years. Based on calculations, this would take the client to his 90th birthday, which he was happy with. It was agreed that at this point, he would re-look at his situation, where he may be able to top up his borrowing, or sell and move.

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The client was very happy and the family were relieved that he could stay in his own home. They were even happier to know to that he did not have to take all of the funds now, and instead could take money as and when required into the future.