Using a home equity release loan for medical expenses or in-home care

No matter how fit and healthy we might be, sometimes things don’t always go to plan and you may need to fund unexpected medical expenses or get some temporary or long term in-home care. Using a home equity release loan to pay for medical or in-home care can provide financial stability and peace of mind during times of need.  Funds can be used for medical bills, surgeries, professional care givers, accessibility modifications to your home, or other health related expenses, ensuring you receive the care you need without financial strain.

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What are the benefits?

Here are some of the key benefits worth considering when looking to use home equity to fund medical expenses or in-home care:

1

Financial flexibility

Because you can access funds as a lump sum, regular monthly payment or a line of credit, Inviva’s home equity release loan gives you the financial flexibility to tailor the funding to your specific medical or in-home care needs, ensuring you have access to money as and when required.
2

No monthly repayments

Medical costs can be expensive and it’s often difficult to fund these from your regular income or pension. With a home equity release loan, there is no requirement to make monthly or other repayments unless you want to – interest capitalises and is added to the loan which can alleviate the burden of managing additional monthly expenses, allowing you to focus on your health and well-being.
3

Stay in your home

By tapping into your home equity, you can preserve your savings and retirement funds for other uses. This can be particularly important if you have limited liquid assets but substantial home equity.
4

Increase in cash flow

One of the significant advantages of a home equity release loan is that it allows you to remain in your home. This is particularly beneficial if you require in-home care, as it enables you to receive necessary services in a familiar and comfortable environment.
In summary, a home equity release loan can be a valuable tool for funding medical or in-home care expenses, providing financial flexibility, relieving the burden of immediate repayments, and allowing you to stay in your home. With careful planning and advice, this option can relieve the financial stress associated with an unexpected medical issue freeing you up to focus on your health and allowing you to enjoy a higher quality of life.

Meet Mary*

Last year Mary, a 73-year-old retiree living in Rowville, Victoria, suffered a serious accident that left her requiring a wheelchair for mobility. After a number of months adjusting to her new circumstances, it was time to make a decision on whether to move into an aged care facility or return to her home. Mary decided she wanted to stay in her home. However, to continue living comfortably, she needed significant modifications, including ramps, widened doorways, and an accessible bathroom. Additionally, she required regular in-home care to assist with daily activities.
Cool couple enjoying their own home
Cool couple enjoying their own home

How Inviva helped

Despite receiving government support, Mary found that it wasn’t sufficient to cover all her needs. To bridge the financial gap, she opted for a home equity release loan secured against her home, valued at $850,000. The loan provided her with a lump sum of $35,000 to make the necessary home modifications for wheelchair access.
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Additionally, Mary arranged to receive a regular monthly payment of $1,600 to support her in-home care needs. This financial arrangement allowed her to afford professional caregivers who helped with personal care, meal preparation, and other essential tasks.
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The loan enabled Mary to stay in her family home in Rowville, living comfortably without feeling like a burden to her family. The extra monthly income and home modifications significantly improved her quality of life, ensuring she had the support and facilities needed to navigate her new circumstances. This financial solution provided Mary with peace of mind, allowing her to prioritise her health and well-being during a challenging time.
"Accessing the equity I had built up in my home provided the right solution for me after I had my accident. It allowed me to make my home accessible as well as afford the in-home care I needed. Now, I can focus on living comfortably and becoming independent again without worrying about being a burden to my family." - Mary
* Case studies and quotes are illustrative of and inspired by some of our customers’ experiences.

Why choose Inviva?

  • Expertise & support — our team has years of experience and offers personalised support
  • Transparent costs — no hidden fees, and you know all costs upfront
  • Flexible options — choose how you access the funds - as a lump sum, regular income payment or a line of credit - and enjoy the flexibility to repay early with no early repayment fees
  • Quick access — fast approval and disbursement mean you get funds when you need them
Explore how a home equity release loan with Inviva can help you enjoy a more secure and fulfilling retirement.
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