Blog > Using equity release to fund home adaptations for mobility needs

Using equity release to fund home adaptations for mobility needs

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By Clare Yates • 22nd April 2023 • 5 min read

How can later life homeowners cover the costs of home adaptations?

As we get older, it sometimes becomes necessary to make adjustments to our home to ensure it remains a safe and suitable place to live. Adaptations can be expensive though, especially if you are living on a retirement income. This is where equity release could help.

For some people, using equity release to fund home adaptations for mobility needs can help a person to remain in their own home, restore their confidence and increase their independence.

From adding handrails or a stairlift, to installing a downstairs wet room, there are many options for today’s homeowners. In this guide we take a look at how you can make home modifications to make your home safer, including:

  • What are home adaptations?
  • Can I get free funding for home adaptations?
  • Are there other ways to fund home adaptations?
  • Can I use equity release to pay for home adaptations?

Find out what’s possible for you with equity release: get a free quote or talk to one of our friendly consultants by calling 0808 178 3055 or request a call back.

What are home adaptations?

Home adaptations are changes you make to your home or the fittings within it. They are typically made to make your home safer, for example by making it easier to move around. They are often focused on helping you perform everyday tasks such as bathing, dressing and cooking.

Some modifications are relatively minor and simple to install, including:

  • Outdoor lights
  • Home security systems
  • Ramps
  • Grab rails
  • Additional stair rails
  • Fitting new door handles that are easier to use 

Sometimes, more substantial home adaptations are needed to make the home more accessible. They include:

  • Fitting a stair lift
  • Fitting a through lift
  • Widening doorways
  • Lowering kitchen worktops
  • Building an extension for a downstairs bedroom or wet room

Not everyone needs to make home adaptations when they are older. But for those living with mobility issues, modifications can make living at home much safer and easier.

Can I get free funding for home adaptations?

According to the GOV.UK website, disabled homeowners may be entitled to funding for home adaptations from social care services if they cost less than £1,000 each.

To request funding for disabled home modifications and equipment, you must apply for a home assessment from your local council. 

For larger adaptations in homes in England, Wales and Northern Ireland, you may qualify for a means-tested Disabled Facilities Grant. To get started, you can check your eligibility using this Adapt My Home self-assessment calculator.

Another avenue to explore is Foundations, the national body for Home Improvement Agencies. For help with repairs, improvements and home adaptations you can visit this website to find your local Home Improvement Agency.

Are there other ways to fund home adaptations?

If you do not qualify for funding for home adaptations, other options may be available to you. For instance, you could use savings, take out a personal loan, or ask for help from your family. 

An advantage of funding any adaptations yourself is that you might be able to have the work done sooner than if it’s done via a grant. You may also have more freedom when it comes to choosing who does the work, and how it’s done.

You should do as much research as you can before you make any final decisions to ensure you are choosing the best adaptations for you and are receiving the best price for these. It might be a good idea to enlist the help of a family member or friend if possible.

Can I use equity release to pay for home adaptions?

Another option is to use equity release to fund home adaptations for mobility needs. Equity release is a loan for homeowners age 55+ that you secure against your property. The most popular form of equity release is a lifetime mortgage.

The money you unlock can be spent however you wish, once you repay any outstanding mortgage on your home. For example, as well as making adaptations to your home, you could use the cash you release to pay for care at home

You do not have to make any mandatory monthly repayments during your lifetime. Instead, your home is sold to repay the loan plus interest when you pass away or move into long-term care.

Explore equity release for home adaptations

Thinking about using equity release to fund home adaptations for mobility needs? A plan isn’t right for everyone, so it’s important to understand the pros and cons and seek specialist advice before making a decision.

To help you explore your options, our selected advisers can explain everything to you and tell you how much you could unlock from your home. They’ll even check your circumstances and tell you if there’s actually a better financial option for you right now.

The great news is that all the initial advice you receive will be free, which includes as many quotations as you need to find the best plan for you. Only if you go ahead with a plan will you pay a fee for advice.

If you’re looking to do equity release to pay for home adaptations for mobility needs, why  not speak to our friendly team today? Call us on 0808 178 3055, or request a call back at a time that suits you.

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To find out more about equity release or arrange a consultation with an adviser, please call or request a call back and we’ll be happy to help further.

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