Many older Australians and their families face important decisions in later life. The vast numbers of retirees want to remain living independently in their homes, rather than move to residential aged care.

Important questions should be asked

• What services do I need
• Is my home suitable for my care needs
• What are the costs
• How can I afford the costs

Over 850,000 seniors receive a range of subsidised services in their home. Many are provided a single service, mostly supplied as part of the Commonwealth Home Support Program (formerly HACC). The other subsidised service provision is the Home Care Program and is available to over 65,000 recipients.

There are times when the assessed services do not match the recipient’s needs, or they do not qualify. Other independent home owners are looking for a range of services to retain their independence.

The value in the family home can now be considered as an option to meet both the payment of care needs and to maintain the family home in a condition which meets independent living needs.

A Seniors Equity Release home loan can

• Access up to 45% of the value in the family home or other residential property.
• Available as a lump sum, regular draw down, cash reserve (Line of Credit), or as a combination.
• Be used for any general purpose.
• Provides more consumer protections than any other home loan.
• Requires all borrowers to obtain independent legal advice.
• Requires no regular repayments.
• Can be repaid at any time.
• Mandatory repayment when the last remaining borrower passes away, permanently leaves, or the home is sold.
• May be converted to a residential aged care loan.

Seniors Equity Release is one of a number of options to consider when looking to maintain independence and receive the services needed to achieve personal needs.

Paul Dwyer is a Seniors Equity Release/Aged Care adviser and specialises in assisting older Australians in meeting their later life financial needs.