equity release

[j.throsby]

what is your advice

[Ethel]

If you are:

in your later years
own your own home outright
In need of a lump sum
Have no desire to leave an inheritance

Then it is possibly a good thing provided you get PROPER independent financial advice and preferably get your solicitor to read the agreement.
Make sure you understand EXACTLY what you are signing.

The preferable alternative is to sell your home and move into a cheaper property. However, not everyone wants to move.

[camioneur]

The best form of equity release is to down size. Everything else is a rip off more or less unless you have no wish to leave an inheritance to anyone and never intend to move house. Then it might be for you. Don't do anything without advice from an IFA and your relatives. Horror stories in this field are abundant!

[RAS]

I refer to the first part of Ethel's reply.
If that is your case why not consider going down to the builing society who holds your deeds and take out a �50,000 mortgage. You will have 50K in cash and a small mortgage to pay. But most important you will still own ALL of your property.
I have friends who took out equity release and believe me they are not happy people. Aso they listened to friends and not seek professional advice. I agree with noknowledge :-
DON'T DO IT

[Katedonova]

If its at all possible DONT do it. I took �60,000 four and half years ago,Its now gone up to just over �80,000.I bought a cheaper house and paid it back before there was nothing left at all for my children. Its a rip off.

[droopdrawers]

Having gone into the ins and outs of this including speaking to a FA my advice is downsize every time.

We've done just that and ended up with over �60.000 profit to do as we please. At the same time still own outright a property that stands every chance of rising in price.

DD