It has been revealed that thousands more elderly will have to pay for their own care fee costs, as the government has frozen the threshold for the social care system following funding cuts.
Many local councils are having their budgets cut by more than 25 per cent over the next four years and as a result of this many of the old are being forced to fork out thousands to fund their own care in their retirement.
A serious way of tackling this dilemma is to take out one of the many different types of Equity release schemes.
They could unlock the wealth and give you a big chunk of potential funding from your home, otherwise called Equity release.
This could cover your costs for food, rent for the residence, the staff to look after you, your medication and general care.
This is a far better solution to your problem as opposed to selling your home, which is what many elderly people are doing in a desperate attempt to hold onto their finances.
At the moment the provision on how much money is needed for care fee costs needs greater clarity but you can get help for that and Equity release advice from Equity Advice Line.
