The Care and Home Inheritance Plan
What is the Care and Home Inheritance Plan?
The Care and Home Inheritance Plan from My Lifetime Care packages all your care related costs together and pays them in exchange for you granting My Lifetime Care a long-lease on your home. You choose:
- How much you want the Plan to pay each month
- To whom this contribution should be paid, either your Domiciliary Care provider or the Care Home you have chosen
Who is eligible for a Care and Home Inheritance Plan?
You must meet two criteria to qualify:
Anyone who owns their own home
The Plan is suitable for you if you currently live in, or own your own home.
Anyone who requires more care than their Local Authority or NHS can provide
Whether you require care at home or in a care home of your choosing, the Plan can pay your care fees for the rest of your life.
Find out how much help you're entitled to
Use our Care Costs Calculator to find out how much we can pay towards your care
Quicker
Simpler
Cheaper
Profitable
Quicker
4
weeks
Time it takes to complete the Care and Home Inheritance Plan and receive care funds
16-24
weeks
Time it typically takes to sell your home to completion and receipt of cleared funds
Simpler
With our Plan...
- You don’t need to sell the house
- Refurbishment to bring house up to a lettable standard is included in the Plan
- House clearance is managed for you (where required)
- We manage the letting of your home
To sell a house...
- You need to appoint and manage an agent
- You will probably need to invest money in improvements to secure the best price
- You may need to manage the house clearance
Cheaper
| Cost | Our Plan | House Sale |
|---|---|---|
| Completion / sale fees (including legal fees and VAT) | £0 | £5,097 – £8,032 ** |
| Cost of House clearance and refurbishment to letting or sale standard | £0 | £10,000 |
| Total costs | £0 | £16,597 - £19,532 |
* The Care and Home Inheritance Plan refinances these costs so that the Care and Home Inheritance Plan purchaser has no net costs to pay on completion.
** 'Which' assesses the cost of selling the average priced house in the UK (£235,853) at between £5,097 and £8,032 with sale costs of more expensive houses being higher (source).
Profitable
Care Home fees can be expensive. The Care and Home Inheritance Plan enables you to cover the cost of your care and over time, it generates significant profit for your beneficiaries in two ways:
Additional Income from Rent
The rent generated pays the costs borrowed from the Plan to help pay care fees.
Once these costs have been repaid the rent can be paid to the homeowner. This rent can amount to 3% of the value of the property every year.
Your Personal
Financial Plan
One of My Lifetime Care's Advisors will agree with you how much you want the Plan to contribute to your care costs - whether these be your care at home costs or you're in a care home.
Choose how much you want your Care Plan to pay.
Your My Lifetime Care Advisor will explain what benefits you may be entitled to and agree with you how much of your pension you can afford to contribute.
Improvements to Your Home
If you are moving into a Care Home and your home will become vacant, My Lifetime Care will carry out substantial improvements so that it can be let for the best rent.
If you choose to receive your care at home, a My Lifetime Care Advisor will discuss with you what rent you will pay on your tenancy and what help may be available towards the rent.