Debt means ‘families cannot afford care for elderly relatives’

Families finding themselves under increasing financial pressure are unable to pay for their ageing relatives’ healthcare costs, it has been claimed.

Many households are facing “intolerable” strains on their finances due to the slump in the housing market and the elderly are suffering as a result, according to caredirections.co.uk.

In addition, delays in the processing of lasting legal power of attorney applications have led to many families being unable to release equity from their parent’s or grandparent’s homes.

This has led to a lack of funding for costs such as care home fees.

Philip Spiers, managing director of NHFA Care Fees Advice remarked: “Without being able to sell properties and access capital, the choice of how best to fund care can be lost.”

NHFA, part of the HSBC group, offers advice on equity release schemes such as interest-only lifetime mortgages and home reversion plans.

By Jamie Price