Value of your home
If you own a property, the value of your property is counted towards the cost of a care or nursing home placement.
If you own the property jointly, we will count your share of the value.
If you have any additional properties, they will be included in the assessment.
When we do not count the value of your property
We don’t count the value of your property as part of the assessment if it will continue to be the home of any of the following people after you’ve moved into a care home:
- your partner or spouse
- a close relative aged over 60
- a relative aged under 60 who is incapacitated
- a divorced or estranged partner who is a lone parent
- a child under 16 who is maintained by you
Temporary stay in a care home
If your stay at a care home is temporary, you will be expected to pay towards the cost but the value of your home will not be included in the assessment.
Selling your home
If you sell your home within 12 weeks of moving to a care home, the proceeds will be counted as capital.
If you choose not to sell your home, we can discuss other options with you, such as entering into a deferred payment arrangement.
Renting out your home
Some people choose to rent the property out to generate income. If you do this, you will be expected to use the rental income to increase the amount you pay for your care each week.
This will mean that the weekly payments made by us are less but you reduce your overall debt.
Releasing money from your home
If you are over the age of 55, you might be able to take some money from the value of your home.