Elderly people are being forced to take out secured loans in order to pay care home fees, it has been suggested.According to Saga, the economic downturn has led to a number of pensioners facing difficulty in affording the fees.And while they traditionally would have sold their home to provide funding, long term care expert Alex Edmans noted that the economic climate has made this difficult."If they haven't got other savings to meet their care home fees, they're having to accrue a debt against their property through the local authority before they can meet their care home fees," she explained.Meanwhile, AxaOf the 11.6 million people that reported facing financial difficulty, six per cent said they are worried they will lose their homes, while 33 per cent are struggling with credit card debt.
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