A new report by Professor Les Mayhew and Dr David Smith from Cass Business School's Faculty of Actuarial Science and Insurance and Duncan O' Leary, Research Director at Demos draws on research published by the International Longevity Centre - UK into the concept of the 'Equity Bank'.
'Paying for Care Costs in Later Life Using the Value in People's Homes', published in The Geneva Papers examines two new financial arrangements designed to meet the needs of people whom require social care in different financial circumstances. The first option considered is an equity-backed insurance product, and the second an 'Equity Bank' (the idea of using the home as a low-cost method to boost income).
The concept was originally explored in 'The UK Equity Bank - Towards Income Security in Old Age' published by the International Longevity Centre - UK. The UK Equity Bank would allow people to exchange a fixed proportion of the equity in their home for a lifetime income linked to inflation. The report found that providing people with a secure income by unlocking the equity in housing assets could improve standards of living for the benefit of the people themselves, the local community and society as a whole.
To read 'Paying for Care Costs in Later Life Using the Value in People's Homes' in full, please follow the link below.
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Date :15 March 2016
Documents:Paying for Care Costs in Later Life Using the Value in People's Homes ()
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