You may choose to rent out your property. This could give you enough income to pay for your care. Renting has advantages:
- you will not build up a debt
- you will not pay interest or administration charges
- your property will be occupied
- your tenant will pay utilities and Council Tax, reducing your costs
If renting does not give you enough income, you can still use a deferred payment agreement, but you will defer less against your property.
Other options
Other options include:
- equity release products (these depend on your circumstances)
- paying the full cost of your care from your income and savings
- a family member paying some or all of your care costs
You should get independent financial and legal advice before deciding what is best for you.