What is an accommodation payment?
An accommodation payment is an amount of money that you may be asked to pay for your entry:
to an aged care facility to receive low level care; or
to an extra service aged care facility to receive either high or low level care.
An extra service facility is a facility that provides a higher standard of accommodation and services than is usual. In return, a higher daily fee is also payable.
Selling the family home may be necessary in order to fund this payment. Alternatively, you may use the equity in the family home to borrow against for the amount required.
Funding the Accommodation Payment with a MyLife MyFinance Accommodation Payment Loan makes sense if you:
- Do not want to sell the family home to pay for the accommodation and wish to retain the family home for your children to inherit.
- You feel the family home will continue to increase in value or is it the wrong time to sell?
It is an emotional time when the decision needs to be made about the care required and the need to move into an aged care facility. The last thing you probably need is to organize the finance required, and if this requires the family home being sold, it can become quite stressful.
Our accommodation payment loans give you the option to focus on finding the right accommodation with the comfort of knowing that you can retain the family home whilst ensuring you have the finances to pay for the accommodation. Once settled, you have the time to then fully consider your options about what to do about the family without the time constraints and the associated emotional stress of moving into care.
Retaining the family home during this time is comforting as it allows you to return home if the accommodation care is not suitable.
If you would like further information about this product, call our loans staff and discuss your options.
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