Commercial Mortgages for Care Home and Nursing Homes.
Mortgage Finance for Private Nursing Homes and Residential Care Homes is readily available from lenders in our extensive panel. We work with all lenders in the market to find the best terms available.
The demand for residential care homes and nursing homes continues to grow. We are all living longer and increasingly, elderly people are now responsible for funding their own care. Consequently, there has been consistent growth in the private care sector in recent years. The demand for places in care and nursing homes is predicted to more than double over the next 40 years.
Reforms of social care funding and tightening regulations demanded in the Care Standards Act 2000, has resulted in the closure of care homes that no longer meet the new higher standards of care and accommodation.
With a larger proportion of residents and/or their families now being made responsible for funding long-term care, there is a higher expectation on the quality of the accommodation and standards of care than was previously acceptable.
It is still not widely known that an elderly person does not now need to sell their property in order to fund long-term care. Instead, an interest-free loan can be taken, which the relatives can repay on the person’s death. A rebate can also be applied for if it can be shown that the person was in need of ‘total care’. The amount of the rebate is determined by the person’s time in ‘total care’ prior to the patient passing.