Cost of a care home could be higher than your mortgage!

There is some food for thought from Saga who have warned that the cost of a care home for those who need it in later life may actually be higher than a mortgage reports moneynews.co.uk.

However, say Saga, not many older people are prepared for this eventuality.

The financial services provider has found from researching this issue that a third of parents have not looked at how this life change might affect them. The annual cost of care is said to be around £35,000, and they need to be thinking of ways to fund this should the need arise.

CEO for Saga, Andrew Goodsall has said that people pay more for care homes than they have done for their mortgage, but explains that it is sometimes necessary to pay so much for care in later years.

However, many of us are determined to hold on to our independence and are therefore unprepared when the need for full time specialist care arises.

Research carried out by Saga reveals however, that 62 per cent of over 50s would be comfortable with moving into a care home if the situation surfaced. This means that their children can stop feeling guilty about arranging such care for their older parents.

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